Who has heard of Patent Box? Potentially this could be very important development for Cambridge businesses in 2013. By registering Patents under this scheme there is the potential to have considerable tax savings on profits earned from patents, not just from UK sales but Worldwide. The downside is that this will have an effect on tax revenues and up to £1 billion! The new scheme will commence in April 2013.
But there are still a number of unanswered questions and still there are opportunities being lost by businesses to register patents. Cambridge is one of the cities with the highest registration of patents so this new regime could be very useful to a number of businesses in the City.
Businesses should be reviewing, do we have any patents? do we have products/technology which we should think about patents for.
The one certainty is that with all new schemes it is essential that any business takes the correct legal and accountancy advice from experts in this very specialist area.