Figures recently released by the UK Government show encouraging take up of government Patent Box tax saving scheme in 2013/2014. The scheme’s goal, following introduction in 2013, was to incentivise innovation by offering a lower rate of corporation tax on profits from commercialisation of patented technology. The data shows that 700 companies claimed tax relief under Patent Box in 2013/2014 with £342m of tax relief awarded. Larger companies seemed to fare best with manufacturing, wholesale, retail and transport sectors accounting for 80% of the claims.
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