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Patent box tax break cut short

The patent box scheme offers a 10% tax rate for companies which innovate. However it’s soon to be closed. How long do you have to take advantage?

Patent box recap.

The patent box scheme was announced in 2011 and came into effect from 1 April 2013. It reduces the rate of corporation tax (CT) by allowing an additional deduction from trading profits that are generated from patents or the rights to use them. The deduction is staggered so that the full advantage, i.e. a 10% CT rate, takes five years to achieve. That was the idea anyway. However the EU, mainly in the shape of Germany, has objected to it.

Shifting profits.

The German concern is that patent box encourages companies based elsewhere to move some or all of their operations to the UK to benefit from the 10% tax rate. This is a little embarrassing for our government, as it’s been spearheading a campaign to stop companies, especially multinationals like Amazon, manipulating their structure to shift taxable profits from where they’re earned to countries with lower tax rates.

Patent box deadline.

If your company is already using patent box it can continue to do so. It will also be able to take advantage if it generates profits that qualify for the tax break by June 2016. But in both instances the reduced CT rate will cease to apply by June 2021. That will allow those companies joining the scheme at the end to achieve the 10% rate before it disappears.

Tip. Despite its limited lifespan, patent box is definitely worth consideration. This is as long as the expenditure you’ll incur in creating or buying into qualifying patented intellectual property isn’t expected to outweigh the tax your company will save in the remaining period.

R&D next?

While patent box is the first casualty, the EU is looking at the taxation of intellectual property in general. The UK’s research and development scheme, which has been around much longer but which also offers generous tax advantages, might be at risk. There’s not much to report yet, but we’ll keep you updated on announcements.

The scheme will close to new applications in June 2016. Companies using it at that time will continue to benefit from lower tax on their patent box profits until June 2021 at which time the scheme will be scrapped

For more information please contact us. 

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