The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Only those companies which meet the qualifying company conditions in CTA 2010, s 357B are able to benefit from the reduced rate of corporation tax which can be applied to patent box profits. See the Overview of the Patent Box guidance note for more background information on the regime. Standalone companies must satisfy conditions A or B, and companies which are members of a group must also satisfy condition C, as follows:
For the purposes of condition B, a right is a qualifying IP right if it is listed in CTA 2010, s 357BB (see also the Patent box ― qualifying intellectual property guidance note) and the company meets the ‘development condition’ in relation to the right as set out in CTA 2010, s 357BC.
Some of these terms are explained in more detail below.
The company must carry out qualifying development activities in order to obtain the benefits offered by the
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