The Patent Box worked by enabling UK resident companies to apply a considerably lower 10% corporation tax rate to profits from qualifying patent (and Intellectual Property (IP)) rights. Since its introduction in 2013, Patent Box has delivered over £335 million worth of benefit to companies in the UK, and has been recognised as a key influencer of investment in the country.
News & Events
R & D
Legislation will be introduced in Finance Bill 2014 to increase the rate of R&D payable credit for loss-making SMEs to 14.5% from 11% for qualifying expenditure incurred on or after 1 April 2014. This will increase the rate of the cash credit payable to SMEs that conduct R&D, but do not have corporation tax liabilities.