HMRC has recently published their updated Patent Box relief statistics report, which covers the number of companies choosing to elect into the Patent Box. The official statistics include the projected stats for the 2022-23 tax year based on estimates of what’s been claimed so far.
The Patent Box is a government initiative that incentivises companies to develop and commercialise their intellectual property (IP) in the UK by offering a lower rate of Corporation Tax of 10% on profits from patents or other equivalent IP. As such, it provides a small insight into the health of UK innovation.
Unfortunately, the most recent statistics show a slight decline in the number of companies claiming Patent Box relief – although, more positively, the amount of relief claimed overall has increased year-on-year for the past two financial years that we have data for. In this article, we look at HMRC’s most recent Patent Box relief statistics report, highlighting the key findings for Patent Box claims by industry and region across the UK.
Read our full breakdown on the report on our website here.
