Can I still claim on Patent Box if my patents aren’t granted yet?
You can still claim for the time between patent application and grant
Once the patent is granted you can make a claim for the profits arising from the patented product or service, for the time from when the patent application was submitted and the time it took to obtain the granted patent.
This incentive for UK industry to innovate and patent their innovation is very strong, with a reduction on corporation tax payable of 60% available in April 23, it is well worth considering whether you have patents already or whether you could submit patent applications to realise this benefit.
Say for example you owed corporation tax of £500k, just having a patent on one aspect of the product or service that you sold, would reduce your corporation tax bill down to £200k. Moreover this would carry on for the life of the patent and whilst ever you were selling this product or service.
A patent lasts for 20 years so in this example a single qualifying patent could save you £6 million over the lifetime of the patent.
Say for example it cost you £10k to obtain that patent, that would provide you with a return on investment of 600 x your initial investment.
Yes there is an administration hassle involved in obtaining the patent and submitting the application, but most CFOs would see that as miniscule compared to the ROI.
I’m guessing that you would rather like a 600 times return on your patent investment?
This is why I am working with Claritas Tax to make these valuable benefits available tomorrow innovative businesses.
What are you waiting for?
Exalt IP experts in Business Intellectual Property.
Get in touch for a Confidential, Free No Obligation Initial Review Book Here or check www.Exaltip.com email firstname.lastname@example.org or call +447587885131 for more information.
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