Patent box – IP transfer deadline 31 December 2015

December 04, 2015

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Heading into the holiday season the last thing on your mind may be the patent box, but that definitely shouldn’t be the case. As discussed previously here and here we’re heading into a crucial time for patent box, and intellectual property as a whole.

The patent box regime is changing between now and 2021 with Nexus replacing the current regime between now and then. Companies that qualify for the existing patent box regime before 30 June 2016 can continue to benefit from the favourable existing regime for up to five years. However, a key deadline is fast approaching - 31 December 2015.

HM Treasury have told us that new anti-avoidance provisions will prevent some post 31 December 2015 IP transfers from qualifying for the current regime until 2021.  Unless the IP already qualifies for an existing IP regime, even a UK to UK transfer could be caught by the anti-avoidance measure.  Comparably, the transfer of IP already elected in to an existing IP regime should not be caught.

You must act now therefore to ensure transfers are effected and formally documented before the end of the 2015.

If you have a December year end, don’t forget the 2013 claim must also be filed by this time.  The good news is that claims for later periods and getting ready for Nexus can wait until the New Year!

If you have questions please get in touch with me or your regular PwC contact.  And warmest wishes for the festive season.

 

Angela Browning | Patent Box

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