CIOT autumn residential conference: part II

SPEAKERS

• Pete Miller The Miller Partnership
• Philip Ridgway Temple Tax Chambers
• David Heaton Baker Tilly

Patent box for SMEs

Pete Miller persuaded the audience that the new patent box is a relief which SMEs should be considering carefully.

He pointed out there is both a simple and a complex way of calculating the profits to which it applies (in the same proportion as income or by streaming expenses) and also of calculating the other adjustments (flat percentages or proper transfer pricing principles).

He advised against opting for the simpler approaches without considering the advantages of the more complex ones because they can make a significant difference even for smaller companies.

Exclusive licence

The requirement for an “exclusive licence” in the patent box legislation does not mean that the licence has...