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HMRC recently published a guidance note on the new Patent Box scheme. The Patent Box enables companies to apply a lower rate of Corporation Tax to profits earned after 1 April 2013 from their patented inventions and certain other innovations.
A company can elect to benefit from the Patent Box if it is liable to Corporation Tax and it makes a profit from exploiting qualifying IP. The company must also own or exclusively license-in the qualifying IP, and have undertaken qualifying development (see the Guidance Note for full details).
The relief will be phased in from 1 April 2013 and the lower rate of Corporation Tax to be applied will be 10%.
The Patent Box presents a great opportunity for companies involved with innovation to make a significant tax saving. Companies wishing to benefit from the Patent Box must make their election within two years after the end of the accounting period in which the relevant profits arose.
H&M is the latest retailer to confront its landlords about this ‘two tier retail market’ in an attempt to explore and negotiate more favourable terms.
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Ann Summers is the latest retailer to have entered into new voluntary deals with the majority of their landlords, rather than using the CVA process.
We previously reported on the High Court decision of S Franses Ltd v The Cavendish Hotel (London) Ltd in which it was held that a landlord’s motive could not prevent it from successfully utilising ‘ground (f)’ under s30(1) of the Landlord and Tenant Act 1954 to oppose a lease renewal.
The FCA are encouraged to find that the implementation of the new rules has encouraged financial institutions to manage whistleblowing cases and concerns fairly, consistently and in a manner that protects the individual whistleblower.
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