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Tax Tip

Tax break for inventions.

HM Revenue & Customs (HMRC) have a new tax incentive designed to encourage companies to develop innovative products.

The Patent Box will allow them to apply a lower rate of Corporation Tax to profits from patented inventions and certain other innovations.

The tax relief will be phased in from 1 April 2013 and the lower rate of Corporation Tax for companies applying will be 10 per cent.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“To qualify for the Tax Break, businesses must show that they have made a profit from exploiting patented inventions, and will either own or license-in the patents and will have further developed them. This initiative is designed to encourage companies to create high-value jobs in the UK and maintain the UK’s position as a world leader in patented technologies.”


If you need any help and advice for your Tax and the implications of the HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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