The UK patent box has been around since April 2013, and for profitable innovative companies is a valuable tax-saving incentive.
It has undergone a major modification as a result of the OECD's Base Erosion and Profit Shifting (BEPS) project. This has added a layer of complexity with the introduction of a requirement to link the patent with the underlying R&D expenditure required for its creation. Whilst the new rules were introduced with effect from 1 July 2016, they do not full replace the old rule until July 2021. Thus, for the next 5 years companies '' in the box'' may have to deal with both old and new rules so it is important to understand both.
Margaret Savory, James Cowper Kreston is a Chartered Accountant and Tax adviser and will be looking at the patent box from that perspective and her experience of assisting companies with their patent box calculations.
In this webinar Margaret aims to cover:
- An over view of the patent box including a refresh of the old rules
- Introduction to the new rules (which build on the old rules)
- What happens in the 5 years transition period to July 2021
- Some practical things that companies will need to consider regardless of old or new rules