Patent Box: Tax boost for innovative companies - Financial news ...

From April next year innovative manufacturing firms can get a tax break on profits which come from patented products and processes.

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To help businesses understand how they can benefit from the new rules chartered accountants Duncan & Toplis have teamed up with Lincoln-based LOVEN Patents and Trademarks to stage a? free seminar on Thursday 18th October at Lincoln College.

From 1st April 2013 the Government will introduce a preferential regime for profits arising from patents, known as a Patent Box. This will allow companies to apply a 10% corporation tax rate to profits attributed to patents.

The Patent Box aims to encourage companies to innovate and invest in the development of new patented products and processes. It will also enhance the competitiveness of the UK tax system for high-tech companies that obtain profits from patents.

The Patent Box seminar will give those attending an understanding of what can be patented and how, together with details of the Patent Box regime and which profits will qualify for lower tax rates.

Mark Taylor, a Partner at Duncan & Toplis, said: ?The introduction of the Patent Box is imminent and will be highly beneficial for many innovative companies in Lincolnshire.

?We want to help those companies gain awareness of the tax benefits of the regime and start planning for its introduction now.?

Keith Loven, Managing Director of LOVEN Patents and Trademarks, added: ?The aim of the Patent Box is to encourage innovation in British manufacturing ? to get businesses to think about creating new products or improving existing products.

?Patents are a commercial tool and this new scheme gives businesses a much more tangible reason for getting a patent because it allows them to make savings on their annual tax bill.?

At the seminar Mark Taylor will explain the scope and impact of the new tax rules while Keith Loven will talk about patents and how they can benefit manufacturers.

The hour-long seminar will begin at 5pm on Thursday 18thOctober at the Conference Suite in Deans Sport and Leisure at Lincoln College on Monks Road, Lincoln.
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Source: http://www.dofonline.co.uk/index.php?option=com_content&task=view&id=6536&Itemid=117

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