Venner Shipley and Kingly Brookes joined forces to host a live webinar event about the UK Government’s introduction of a new corporation tax relief called the Patent Box.
Video: boxing clever? The Patent Box – tax relief for IP income
From 1 April 2013 the Patent Box will apply a reduced rate of corporation tax on profits attributed to patents and certain other forms of intellectual property (IP).
Although the draft legislation is subject to a further round of consultation and is still to pass through Parliament following the 2012 budget, many key features of the proposed scheme have been determined.
If you, as a business leader, are to maximise savings when the scheme starts, you need to evaluate the impact of the new scheme on your business now, to start planning for the changes, and to begin adapting your business before the new scheme takes effect. However, preparing for the Patent Box is not just about tax planning and compliance: it is essential to consider IP issues too. You need to have a thorough understanding of the link between IP and taxable profits if you are to prepare effectively for the new tax scheme.
In this webinar, Pawel Piotrowicz, a Chartered Patent Attorney with Venner Shipley, and John Moore, a Chartered Accountant with Kingly Brookes, pooled their expertise and complementary insights to provide a unique view on the Patent Box. They highlighted the key IP and tax issues of the new scheme and identified practical steps which can be taken before the new regime begins in order to help businesses become “regime ready” and be in a position to take full advantage of the Patent Box.
About the speakers:
Pawel Piotrowicz is a Chartered and European patent attorney. He represents a wide variety of clients in the high technology sector including a significant number of private inventors and start-up companies. In 2006, Pawel took the lead in opening Venner Shipley’s office in Cambridge.
John Moore is a partner in Kingly Brookes and advises on in corporate tax issues for clients in the high technology sector. He has specialised in assisting companies to claim the R&D tax relief since 2000 and is a member of the HMRC and HM Treasury R&D Consultative Committee.
Venner Shipley LLP is a leading firm of European Patent and Trade Mark Attorneys.