From 1st April 2013 Companies can elect for all profits attributed to qualifying intellectual property (IP) to be subject to a reduced corporation tax. This will cover patents granted by the UK or the European Patent Office.
A company will qualify for the Patent Box if it satisfies the ‘development condition’ in that is must have made a significant contribution towards either:
- The creation or development of the item protected by the patent, or
- A product incorporating this item
For further information please contact Steve Vickers, Tax Partner on T: 0114 251 8850 or email: email@example.com.