Corporate Tax Manager at Ward Williams
Post date: Friday, 25th January 2013
In December 2012, Vince Cable announced plans for the Intellectual Property Office to introduce a new '90 day patent’ later this year.
The ‘superfast’ patent process will require a premium processing fee, the level of which has not yet been announced.
It is yet to be confirmed, but expected that the 90 day patents will meet the requirements of the new Patent Box regime, which is due to come into effect on 1 April 2013.
This new speedy patent process is a positive step and will be of interest to businesses hoping to make use of the Patent Box regime but concerned about the timescales of the current patent process (which can take several years).
This new patent process is just one of a number of steps to support growth in innovation and creativity in the UK.
Other measures include a campaign to educate small businesses about getting value from their creativity and innovation and an advisory service for small and medium sized businesses with high-growth potential.
The government is clearly keen to be seen to encourage innovation and creativity. Patent Box offers companies of all sizes the opportunity to significantly reduce their corporation tax bill and the new measures are a positive step in making the regime more accessible to smaller companies.