Bevan Kidwell Collaborate With Parisi Rax To Summarise The New Patent Box
Bevan Kidwell has collaborated with good friends at Parisi Tax to summarise the (10%) on qualifying income from qualifying patents.
LONDON (I-Newswire) October 22, 2012 - Bevan Kidwell has collaborated with good friends at Parisi Tax to summarise the (10%) on qualifying income from qualifying patents. This is new regime which will be introduced in April 2013 which will mean that companies effectively pay corporation tax at 10% on qualifying income from qualifying patents (and certain other qualifying IP) instead of the main rate of corporation tax (23% from 1 April 2013).
What is the Patent Box? The patent box has been introduced by the Government along with the improvements to the R&D tax regime to make the UK a more attractive destination for companies to be based.
What IP will benefit from the Patent Box regime? The patent box is available for patents granted by the UK Intellectual Property Office, European Patent Office and patents granted by certain other EEA countries. It also applies to certain medicinal or plant protection rights but it does not apply to copyrights or other IP rights.
Exclusive licences to exploit patents may also qualify if they are exclusive (against everyone including the developer) in at least one jurisdiction as well as the sale of products which include the patented invention. The regime is generous in that the preferential treatment will be available for income generated from pending patents but only once the patent has been granted.
In all cases the company (or a group member) must have made a significant contribution to the development of the patent concerned. Where groups of companies are involved there are further rules about “active ownership” which must be satisfied by the IP holding company (to ensure it is not a passive IP holding company).
What income will qualify? The types of income which may qualify include income from the licensing of patents, the sale of patents and the sale of products including the patented invention. In addition, where non-patented goods or services are provided using a patented process, it will be possible to apply the Patent Box to a notional royalty relating to the patented process.
How will the Patent Box profits be calculated? The mechanism for calculating the profits will broadly be prescribed by legislation. Companies will need to ensure that systems are in place to capture the data necessary to undertake the calculations, and some information for prior years may also need to be extracted.
What should companies be doing now? Although the new regime does not come into force until April 2013 there are things that companies should be doing now and these include:-
• Checking that the company has obtained patents for all relevant inventions;
• Reviewing all licensing agreements to check that the terms give the necessary exclusivity and the right to exploit the patent;
• Checking that the significant contribution to development test is satisfied;
• Where there is a group of companies, reviewing current systems to ensure that the IP holding company satisfies the active ownership test;
• Ensuring that systems are in place to monitor income and costs relating to the relevant patents/goods/services;
• Reviewing the IP holding structure of the group to see if IP should be held in the UK.
For more information regarding the patent box, please contact Jean Bevan on email@example.com
About Bevan Kidwell
Bevan Kidwell are the alternative for clients who want an excellent service and prefer niche boutiqu More..e to global. When you deal with Bevan Kidwell, you deal with someone who takes time to understand your business, and what you want to achieve, and is building a long term business relationship with you. Bevan Kidwell provides straight talking, commercial, proactive advice. We tell you what we think you should do; and what we think you should not do. We get the job done, within your timescales, with the minimum of fuss. Services are provided on a fixed fee or per hourly rate.
Bevan Kidwell has expertise in the areas of company commercial and corporate, commercial property and conveyancing, commercial litigation, employment, insolvency, intellectual property and licensing.
Contact for Editors: Andrew Parmenter, Marketing Manager on Andrew.firstname.lastname@example.org or call 0161 797 7778Less..
113-117 farringdon road
Phone : 020 7843 1820
Published in:Legal / Law
Published On:October 22, 2012
Print Release:Print Release
If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.
Evan Guthrie Law Firm Speaks To Students At Cane Bay High School in Summerville, SC
Etax2290 Offers Cost-Effective Online Way to File Form 2290 for Heavy Vehicle Use Tax for Tax Year 2013-2014 Begins July 1, 2013
Live Your Dream in the United States with NAO Visa
Celebrity Divorce Secrets Help Expand Ballston Spa Divorce Attorneys
Professional Dilapidations Advice Saves Tenant Over £5million