The current Patent box regime was introduced in April 2013 and many companies have made claims. Patent box provides effectively a 10% tax rate to reward UK companies that are exploiting patented IP rights.
Concerns were raised a few years ago that Patent Box and other Intellectual Property (IP) regimes could be considered harmful tax practices if companies are able to benefit without good substance in the relevant country.
To address such concerns, following the release of the final BEPS recommendations, all IP regimes will be modified going forward.
Specialists from our Patent Box and intellectual property and taxation practice are joined by Fergus Harradence, Deputy Director, Business and International Tax Group, HM Treasury discuss how this could impact you going forward and the steps you need to take now.