Five in 10 accountants believe that new tax relief rules for “patent boxes” are too complex and could cause confusion among some businesses, a survey found.
From April 2013 any profits from inventions that are protected by a UK patent will be taxable at a significantly lower rate of corporation tax. However the much-publicised rate of 10% will not actually apply until 2017, according to Withers & Rogers, which provides intellectual property services and carried out the survey.
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.