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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Article Name
UK Companies Make Substantial Tax Savings with Patent Box Scheme
Description
Figures recently released by the UK Government show encouraging take up of government Patent Box tax saving scheme in 2013/2014.
Author
Dawn Ellmore
Publisher Name
Dawn Ellmore Employment
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