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The implications of the latest statistics on take-up of the patent box.
Waiting for news about the patent box is like waiting for a bus nothing for months – well since the Finance Bill draft was published in March – and then suddenly several things arrive at once. So it was in mid-September when statistics about the uptake of the patent box arrived in my inbox – with the enactment of the Finance Act 2016 containing the final modified patent box legislation happening the next day.
As suspected
My reading of the statistics confirmed what I already suspected from my (non-statistical) client list: while research and development (R&D) tax relief brings substantial tax and financial benefits of more than £1bn a year to small and medium-sized enterprise (SMEs) the patent box has a way to go for these sized companies (just £15m) for its first year...
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