Benjamin Franklin wrote ‘In this world nothing can be said to be certain, except death and taxes’. That said, Patent Box can help reduce the corporation tax burden on your company profits. And whatever complexion of UK government, none of the political party manifestos propose any change to that innovation promoting policy.
Why should I Patent? It’s a question often asked. What’s your motivation? What’s the commercial benefit? Is it to stop competitors, to use as licensing vehicle, to attract investment? In the case of Patent Box, the benefit is to lower your companies Corporation Tax liability. Presently the reduction is to a rate of 10% (from a possible 25%).
How quickly can I benefit? The UK Patent Office recognises industries need to gain quick grant. There are a number of mechanisms to accelerate getting a granted UK patent in a timescale of 9 to 21 months.
If early grant is wanted so as to gain Patent Box benefit, then we suggest at the time of filing:
- submitting the Application complete with Claims and Abstract;
- requesting Accelerated Grant via the ‘Green Channel’ (technology dependent);
- requesting Combined Search and Examination;
- requesting Accelerated Search and Examination; and
- requesting Accelerated Publication.
To find out what you need to do and how much it will cost you, just contact us and we will be pleased to discuss how you can benefit from Patent Box.
We have substantial experience in obtaining swift grant of Patents for clients so that they can gain early benefit from Patent Box. If you want more information on Patent Box, please contact us at: mail@morelandip.com.
For some additional information see:
UKIPO get your patent granted more quickly: https://www.gov.uk/government/publications/patents-fast-grant/patents-fast-grant-guidance
UKIPO Patent Box statistics: https://www.gov.uk/government/statistics/patent-box-reliefs-statistics/patent-box-relief-statistics-september-2023
