Patent Box relief tops £343 million
20th September 2016
700 companies used the Patent Box in its first year with a total value of £343 million, according to HMRC.
Figures show that 225 large companies claimed £327.2 million in relief in 2013/14, making up for 95.4% of the total claim.
The remaining relief was shared between 475 companies with 290 of them being SMEs or micro businesses.
- manufacturing companies claimed 63.3% of the total relief
- IT, financial services and real estate companies claimed 17.1%
- 16.4% were in retail and transport
- companies in London claimed the most relief (£196.8 million)
- companies in the North East claimed the least (£1.6 million).
The Patent Box came into effect from 1 April 2013, applying a lower rate (10%) of corporation tax to profits from patents and intellectual property.
The relief has been phased in over a 5 year period with companies gaining the full benefit from 2017.
Talk to us about making use of the Patent Box.