Patent Box Tax Relief - New Team Member
The Patent Box remains a vastly underclaimed tax relief. The most recent
figures from HMRC show there has been a small rise in claimants. In 2017 to 2018 a total of 1,305
companies in the UK claimed Patent Box tax relief, obtaining tax savings of
£1,101m. This is an increase in volume of approximately 12%, and 6% by value.
There will be many companies who have not sought to patent their creation or invention due to cost, while not being aware that by having one the company could nearly halve its tax liability, arising from patents, from 19% to an effective 10% rate. Good to know, if you are weighing up whether to patent an invention.
Our new Patent Box team member at Catax
We're delighted to welcome Neil Vickers to Catax to advise on the technical aspects of Patent Box, as we will look to encourage more UK companies to take advantage of this assistance.
Catax expects Patent Box to become an increasingly important part of its business, and it may one day draw level with the R&D tax credit applications that currently form the lion’s share of its operations.
Neil was a vital part of the HMRC/Treasury team that organised the Patent Box consultations and developed the Patent Box legislation that was ultimately introduced by the 2012 Finance Act. He brings a wealth of knowledge, not only to the technical queries received by Catax personnel and to Catax clients, but will also give valuable support and guidance to our agents and introducers.
Mark Tighe, CEO at Catax, said: “It’s a pleasure to welcome Neil to the company. The government is still very keen to expand use of Patent Box and Neil has immense experience in this area. His valuable guidance will be key to us as we look to encourage more British companies to take advantage of this assistance. The Patent Box regime is still much less well known and far less popular than the R&D tax credit regime and this needs to change.”
As usual, please contact us with any queries that you may have.