Since our previous article on this subject was published in November 2014, there has been much speculation about the form which the UK’s Patent Box regime will take after 1 July 2016. We are now pleased to report that the UK Government has published its proposal for the future regime, which is open for public consultation until 4 December 2015.
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HM Revenue and Customs has recently announced some further statistics on the use of the Patent Box, which shows that companies claimed £942.5 million in tax relief under the UK Patent Box in the accounting year 2016–17. This represents an increase of 25% year on year.
Much of the tax relief obtained under the Patent Box is paid to large businesses, particularly in the manufacturing sector. However, 25% of applicants claiming relief are classed as medium, small or micro businesses and we continue to encourage this class of companies to investigate the incentives provided by the Patent Box, as electing into the scheme could result in considerable tax savings over the life of a patent.