The amount of R&D tax relief claimed by businesses through the patent box scheme jumped 25% in 2016/17, reaching £942.5m, increasing from £754.3m in 2016, according to accountancy firm Moore Stephens.
The amount of R&D tax relief claimed by businesses through the patent box scheme jumped 25% in 2016/17, reaching £942.5m, increasing from £754.3m in 2016, according to accountancy firm Moore Stephens.
The Patent Box scheme, introduced in 2013, allows UK businesses to pay corporation tax at 10% on profits from UK or EU patents. However, OECD figures show UK businesses currently invest the equivalent of 1.7% of GDP on R&D, two-fifths less than the OECD average. Figures from the World Intellectual Property Organisation show the UK filed only two global patents for technology related to blockchain in 2017, while China filed 226 and the US 91.
Herve Mottais, director at Moore Stephens, said that ‘not only do patents act as a barrier to entry against competitors but they can be a source of income from licensing and an asset that can borrowed against or resold’.
The amount of R&D tax relief claimed by businesses through the patent box scheme jumped 25% in 2016/17, reaching £942.5m, increasing from £754.3m in 2016, according to accountancy firm Moore Stephens.
The amount of R&D tax relief claimed by businesses through the patent box scheme jumped 25% in 2016/17, reaching £942.5m, increasing from £754.3m in 2016, according to accountancy firm Moore Stephens.
The Patent Box scheme, introduced in 2013, allows UK businesses to pay corporation tax at 10% on profits from UK or EU patents. However, OECD figures show UK businesses currently invest the equivalent of 1.7% of GDP on R&D, two-fifths less than the OECD average. Figures from the World Intellectual Property Organisation show the UK filed only two global patents for technology related to blockchain in 2017, while China filed 226 and the US 91.
Herve Mottais, director at Moore Stephens, said that ‘not only do patents act as a barrier to entry against competitors but they can be a source of income from licensing and an asset that can borrowed against or resold’.
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