The patent box tax relief regime enables profits made by companies using patented technology to be taxed at the lower rate of 10% instead of the main rate of corporation tax. The original rules introduced in 2013 were met with challenge from the OECD, requiring the government to amend the legislation from 2016 onwards. However, the 'new regime' was subject to grandfathering provisions that enabled existing claimants to remain under the 'old regime' until 20 June 2021. Following that date, the new rules apply to both existing and future claimants.
The new rules require all claimant companies to track income, expenditure and R&D investment in greater detail than under the previous rules. As such, additional considerations are required to ensure that the necessary information is available at year end to prepare the necessary calculations. In addition, the 'nexus' principle must be applied, which requires an 'R&D fraction' to be added to the calculation, and potentially additional streaming of patent income and expenditure, depending on the claimant's existing circumstances.
This webinar will cover:
Graham Steele, Partner, Innovation Reliefs, RSM: Graham has specialised in R&D incentives and Patent Box for over 15 years.
Will Rainford, Associate Director, Innovation Reliefs, RSM: Will advises clients across the North West on Patent Box.
Richard Jones, Business Tax Manager, ICAEW Tax Faculty: Richard coordinates the work of the Tax Faculty on business tax and compliance and investigation matters and manages the technical committees related to these areas. He also makes regular contributions to TAXline and TAXwire. Richard began his career at PwC,dealing with a range of clients from small owner-managed businesses through to the UK operations of large multi-national banks,as well as spending time on secondment to the firm's learning and development team. He has spent most of his career in the National Tax teams of top 10 firms, dealing with knowledge management, training, tax standards reviews and other risk management matters. He has a broad range of tax technical expertise but has most recently been focussed on the direct tax issues facing small companies, OMBs and their owners.
Access to this webinar is included within membership of the Tax Faculty, and to subscribers of Faculties Online. Tax Faculty membership gives you access to exclusive premium content including our regular magazine, webinars, TAXguides, tax advice via the TAXconnect scheme other online resources to support your career. For more information about faculty membership and our latest joining offers, please visit icaew.com/jointf. For more information about Faculties Online, please visit icaew.com/subscribefo.
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