Applying for and retaining patents to protect a product or process that may have taken years to develop can be a costly business. But did you know that companies can benefit from a valuable tax relief known as Patent Box which can potentially halve the tax on profits attributable to patents?
Meaning, your patent could potentially pay for itself and more!
The Patent Box has not been particularly promoted by R&D tax advisers, but this may be because it is heavily intertwined with the core corporation tax computations.
However, if:
- you own or exclusively licence a UK or European Office Patent (other limited IP rights may also qualify); and
- your company or a group company has been involved in developing the patented technology, or a product or process which uses it,
then your company may qualify for the relief.
There have been a number of recent changes to the Patent Box rules but Hazlewoods specialist Innovation and Technology team have the expertise to guide you through the process, helping you to make a successful claim. With corporation tax rates set to rise in 2023, Patent Box tax relief will become even more valuable for companies which elect into the regime. So, what have you got to lose?
If you would like to discuss whether your company could benefit from Patent Box, please contact Jemma Vaughan on 01242 680000 or email jemma.vaughan@hazlewoods.co.uk.