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Thursday 24 October 2013

Thinking inside the Box…

When taken together with R&D tax credits, the patent box initiative means that the UK has one of the most favourable tax regimes for innovative businesses. There has however been concern from the government that smaller UK businesses may miss out on the chance to qualify for these tax breaks.

Over the last year, foreign businesses have been proactive in filing patent applications in Britain with a 14 per cent increase in the number of patent applications made by overseas companies, by contrast, the number of UK companies filing patents appears to have stagnated.

The government is keen to spread the word to smaller companies with ministers pointing to the folding bicycle manufacturer Brompton Bicycles as an example of a smaller company expecting to capitalise on the patent box. The business has a turnover of £16.7 million and expects the patent box scheme to save it around £132,000.

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