A summary of tax reliefs available for innovative companies
Here is a summary of information provided by
HMRC on tax reliefs available for innovative companies. Please contact us if
you need more information.
Patent Box
The aim of the Patent Box is to provide an additional
incentive for companies to retain and commercialise existing patents and to
develop new innovative patented products:
• Corporation Tax: The Patent Box – GOV.UK
• Guidance CIRD200000 and pages following set out the
qualifying criteria
• CIRD275000 includes a flowchart for the computation required.
Research and Development Tax
credits (R&D), (including Advanced Assurance)
Research and Development (R&D) tax relief
(or credit) is a company tax relief that may reduce a company’s tax bill or in
some instances involve a payment of credit by HMRC to the company. It is based
on the company’s expenditure on R&D:
• Corporation Tax: Research and Development tax relief –
GOV.UK
• CIRD80000 and
pages following set out the qualifying criteria
• CIRD100000 includes a flowchart for the computation required and further information.
Creatives Tax Reliefs (Film,
Animation, High End TV, Children’s TV, Video Games, Theatre, Orchestra, and
Museums and Galleries)
These are a group of eight reliefs that allow
qualifying companies to claim a larger deduction for certain expenses. The
company will receive a reduction in their Corporation Tax liability, or in some
circumstances a payable tax credit.
Creative industry tax reliefs for Corporation Tax – GOV.UK
Venture Capital Schemes (EIS,
SEIS, VCT)
The schemes are intended to incentivise
investment in smaller, higher risk, unquoted trading companies that would
otherwise struggle to access finance for growth by providing a range of income
tax and capital gains tax reliefs to individual investors:
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