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ARTICLE · 21 NOVEMBER 2024

How Many Innovative SMEs Are Missing Out On Patent Box Relief?

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HMRC data shows a slight increase in companies using the UK Patent Box in 2021-2022, with large firms claiming most of the tax relief. SMEs may have untapped opportunities for tax benefits.

United KingdomIntellectual Property
Kyle Arndt
Kyle Arndt
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The latest set of annual statistics from HM Revenue and Customs (HMRC) show that, unlike as estimated last year, the number of companies elected into Patent Box actually marginally increased in the tax year 2021 to 2022 compared with the previous year (to 1,630 from 1,610 companies). This means that the year on year increase in companies from tax year 2013 to 2014 continues, albeit more gradually from tax year 2017 to 2018.

UK Patent Box enables companies to apply a lower rate of Corporation Tax in the UK to profits earned after 1 April 2013 from qualifying patented inventions and equivalent forms of intellectual property. This is designed to encourage companies to keep and commercialise intellectual property in the UK. See my previous article for a bit more detail.

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