All companies claiming patent box relief are subject to the new nexus regime from 1 July 2021. Sarah Lord and Andy Jacott (Deloitte) explain how it works.
Introduction to the UK patent box regime
The UK patent box regime was originally introduced in 2013. It provides for a corporation tax rate of 10% on profits derived from the exploitation of qualifying patents. The stated aim of the patent box regime is to provide additional incentive for companies to:
increase the level of patenting of IP developed in the UK and ensure that new and existing patents are further developed and commercialised in the UK;
manufacture and sell those innovative products and services from the UK; and
locate the high-value jobs associated with the development manufacture and exploitation of patents in the UK.
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All companies claiming patent box relief are subject to the new nexus regime from 1 July 2021. Sarah Lord and Andy Jacott (Deloitte) explain how it works.
Introduction to the UK patent box regime
The UK patent box regime was originally introduced in 2013. It provides for a corporation tax rate of 10% on profits derived from the exploitation of qualifying patents. The stated aim of the patent box regime is to provide additional incentive for companies to:
increase the level of patenting of IP developed in the UK and ensure that new and existing patents are further developed and commercialised in the UK;
manufacture and sell those innovative products and services from the UK; and
locate the high-value jobs associated with the development manufacture and exploitation of patents in the UK.
Broadly...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
