0370 270 6000

already registered?

Please sign in with your existing account details.

need to register?

Register to access exclusive content, sign up to receive our updates and personalise your experience on brownejacobson.com.

Privacy statement - Terms and conditions

time to start thinking inside the box

20 August 2012

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.

related opinions

H&M - fighting the two tier retail market and daring to push for better clarity on turnover rents

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.

View blog

Retail: a tale of two markets

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.

View blog

Supreme Court stops landlord from circumventing business tenant’s right of renewal with scheme of works designed solely to enable eviction

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.

View blog

FCA whistleblowing review

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.

View blog

mailing list sign up



Select which mailings you would like to receive from us.

Sign up