UK Patent Box’s maximum tax relief now available
Since the 1 April 2017, the UK government’s Patent Box tax relief scheme has reached its maximum potential. Having been gradually phased-in since 2013, the scheme now allows for the full reduction of corporation tax down to 10%.
In a nutshell, by using the Patent Box scheme it is possible to reduce the corporation tax payable on profits derived from products that are covered by a granted patent. The granted patent may be in any of a number of different countries/regions, including the UK and EPO. It also possible to back-date the tax relief to profits made during a period of pendency of an ultimately-granted patent application, for a limited period.
For more information about the Patent Box scheme itself, or obtaining and using patent protection with the scheme, then please get in touch with your usual Mewburn Ellis contact.