The Patent Box enables companies to apply a lower rate of corporation tax to profits earned after 1 April 2013 from its patented inventions and certain other innovations. The lower rate of corporation tax is 10%. The relief is subject to a number of conditions.
A company must elect into the regime, the election must be in writing, and specify the first accounting period for which the election will apply. The election will apply for all subsequent accounting periods until the election is revoked by notice in writing.
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