Computational Efficiency as an Indicator of Inventive Step
31st March 2021
UK Chancellor Rishi Sunak announced as part of his March 2021 budget that, from April 2023, Corporation Tax of 25% will be payable on company profits in excess of £250,000. Corporation Tax of 19% will remain for companies with profits of £50,000 or less.
A silver lining in this: the UK government’s ‘Patent Box’ scheme appears untouched by the latest budget, meaning profits earned from the sale of patented products will be taxed at the reduced rate of 10%.
This scheme is worthy of consideration for UK-based businesses large and small, providing a strong financial incentive to obtain patent protection for technological innovations.
If you require any further information on the above, please contact us.
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