The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
The patent box legislation sets out the relevant steps that should be followed in order to calculate the qualifying IP profits to which the reduced rate of corporation tax may be applied. The process can be complex to implement for smaller companies, therefore the legislation provides for a ‘simplified’ small claims treatment which can apply, where a company (that meets the qualifying conditions) elects.
An election for the small claims treatment can only be made if:
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