Britain’s centuries old reputation for entrepreneurial innovation is in danger of being lost because of a lack of investment by business in research and development.
Thanks to the UK’s Patent Box regime, the tax benefits for UK companies are looking to be reduced significantly. Companies will need to act quickly to make the most of the current Patent Box regime.
With the Patent Box scheme set to expire in 2021, business looking to take advantage of the R&D commercialisation tax break need to act fast.
According to the German finance minister, the UK's Patent Box scheme gives an unfair advantage when it comes to attracting inward investment from overseas companies. Due to this, the scheme is about to change.
The Patent Box scheme, which allows profits from inventions protected by a UK patent to benefit from lower corporation tax, has helped encourage innovation in the UK. And according to Withers & Rogers, a new OECD report will help cement the scheme’s future and ensure that entrepreneurial businesses can continue to benefit from this important tax incentive for years to come.
Patent Box could create plenty of business growth opportunities, but you have to be prepared. Graham Johnson gives some advice on how to make the most out of Patent Box.
A new rate of corporation tax on profits generated from patents is attracting a lot of attention. What can you do so opening the Patent Box won't be a nasty surprise for your business”
In the run up to the Patent Box rules, which come into effect next year, firms need to start planning their intellectual property strategy.