Patent Box set to boost UK innovation
The government's new Patent Box scheme could provide a big boost to UK innovation, according to report launched today by Cambridge Design Partnership (CPD).
The report outlines how the reform should encourage big businesses to remain in the UK, but also warns that the government must do more to help SMEs with incentives to encourage innovation.
Traditionally, numbers of patent applications in the UK have been lower than in other developed countries. The Patent Box scheme was launched in April this year to address this shortfall and reward R&D by offering companies lower tax rates on profits made from products with qualifying patents covering them.
HMRC predicts that the scheme will provide £1.1billion in tax relief by 2019.
"Our research has revealed that the Patent Box has the potential to deliver significant benefits for companies participating in the scheme," said David Lewis, CPD's business development manager. "By financially incentivising patent filing it should also encourage creativity and innovation, increasing the focus on technology development to enhance the UK's competitive advantage."
Lewis stressed, however, that the uk government needs to work harder to ensure SMEs are aware of the scheme, as it is predominantly larger corporations that seize the opportunity.
The research was carried out in partnership with international patent and trade mark attorney firm Marks & Clerk.
The full report 'Patent Box: An industry report on incentivising UK innovation' is available to download for free at www.cambridge-design.co.uk/patent-box.
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