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Thursday 24 October 2013

Boxing Clever: Could the Patent Box regime benefit your company?

April 2013 saw the introduction of the government’s much heralded “patent box” scheme. In essence, the scheme allows businesses to lower the amount of corporation tax that they pay on profits generated by UK owned intellectual property to as little as 10 per cent by 2017. Six months on, and despite criticism from Brussels, the government and HMRC are keen to ensure that it isn’t only big companies who are benefiting.

The scheme was introduced to encourage innovation by providing an incentive for companies to locate their high value jobs associated with the development, manufacture and exploitation of patents in the UK, and to maintain the UK’s position as a world leader in patented technologies.

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