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on the 9th day of Christmas my Darling gave to me...

10 December 2009

…tax savings for SME research and developers?

Yesterday, Alistair Darling announced that he intends to reduce corporation tax on income flowing from licensing of patents to 10%

His noble aim is to encourage research and development in the pharmaceutical and biotech industries. Great news for the SME you might have thought.

There is a downside though – the reduced rate only applies to income from April 2013, and it only affects patents granted after the legislation is passed (which may be in 2011) – so don’t break open the bubbly just yet.
 
Of slightly more immediate benefit to those who develop technology is the Government’s announcement (to be included in the Finance Bill 2010) to make it easier for SMEs to take advantage of research and development tax relief.

If the legislation is passed, SMEs will no longer have to demonstrate that any intellectual property deriving from the relevant research and development is owned by the company making the claim for relief. The enhanced relief (of up to 175% of qualifying expenditure) may well be more widely available as a result, so it’s a good time to check whether you qualify.

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