The Corporation Tax Act 2010
(a gripping read, er no …)
First the usual disclaimer stuff, I am not offering tax advice; I am not qualified to to this. What I am definitely qualified to do is advise on patents.
After some time discussing the subject with various people, it became apparent to me that The Patent Box scheme is a subject that may not be understood particularly well. Patent Attorneys, generally speaking, know what they need to know in order to advise their clients. This usually centres around what you can get a patent for and they are aware of the benefits that patent protection can bring from a tax perspective. Then it’s a matter for the accountants to sort out the mechanics of claiming the benefits of The Patent Box.
I decided that, as a Patent Attorney, I wanted to know more about this subject as I saw a disconnect between the two groups of advisors (in my opinion). There is stuff that Patent Attorneys don’t appreciate about the tax side of things and there is stuff that accountants don’t appreciate about the patents side of things.
Over the weeks and months, I’m therefore going to share with you my thoughts about The Patent Box scheme to try to help those interested to gain a better understanding of what is what. I don’t intend this to be a horrendously technical blog, and where possible, I will try to keep things simple. Wish me luck!