Selling patents for profit

Patent Box – Could you be paying less corporation tax from April 2013?  January 29, 2013 – 10:35 am

Lighbulb Businesses in North East Scotland already generate more patent applications than anywhere else in the UK outside Cambridge. 

A team from Johnston Carmichael is working with HMRC to ensure that Small and Medium Sized Enterprises (SMEs) are able to take full advantage of the reduced rates of corporation tax on profits from patented inventions or processes that apply from 1 April 2013.

The new laws, dubbed “The Patent Box”, will benefit companies that generate income from patent rights that they own or for which they have exclusive licences, for example, by selling or renting products that contain a patented component or by using a patented process in the course of providing a service.  The relief will be phased in over four years and will reduce the effective rate of corporation tax on patent box profits to 10% from 1 April 2017.

To earn entitlement to this generous tax incentive, companies have to be involved in developing qualifying patents and be committed to conducting further research.  Qualifying patents include those granted by the UK IP Office or the European Patent Office. Patents issued by some further specified EEA countries also qualify.  To qualify, companies must create or significantly contribute to the creation of the patented invention, or perform a significant amount of activity to develop the patented invention, product or process that incorporates it.

Source: Johnston Carmichael Blog

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