Is your company getting its fair share?
Patent Box is an HMRC scheme which enables companies with qualifying patented inventions to pay a lower rate of corporation tax (currently 10%) on profits earned on the inventions. It was introduced in 2013 and the number of companies claiming it soon reached a fairly steady level, at just over 1000.
Statistics just published by HMRC (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/837487/Patent_Box_Statistics_2016-17_and_2017-18_partial.pdf) show, perhaps not surprisingly, that the south of England sees a concentration of the value claimed, although interestingly Yorkshire figures strongly. And while a reasonable number of East Midlands companies are claiming Patent Box relief, the value of that relief is relatively small. By way of illustration, there are something like 115 companies in London claiming around £530 million, while in the East Midlands around 80 companies claim a total of about £20 million.
If your company is developing new products or processes, or already has patents, call us on 01522 801111 for help is assessing whether Patent Box could apply to you.