Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 1/18/2013

United Kingdom - Proposed “90-day patent” and patent box regime 

January 18:   A late December 2012 announcement from the Intellectual Property Office revealed that it would introduce a “90-day patent” in 2013. Under the new 90-day patent process, in return for a premium processing fee (the level of which has not yet been announced), the Intellectual Property Office would endeavour to complete the patenting process within 90 days from application to grant.

KPMG in the UK understands from the Intellectual Property Office that the patent granted under the new process would have the same status as patents granted under the current process (which can take several years). Assuming this is the case, such patents would appear to constitute qualifying intellectual property rights for “patent box” purposes.

KPMG observation

The new 90-day patent process would likely be of significant interest to those businesses intending to make use of the new patent box regime (which has an effective date of 1 April 2013), and in particular those that have had concerns about how to apply the rules in a patent-pending context.


Read a January 2013 report [PDF 139 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (18 January 2013)


Other topics covered in the KPMG report are the following items:


  • Office of Tax Simplification final report on “unapproved share schemes”
  • Pensions White Paper – single-tier pension
  • High-value UK residential property
  • Income tax treaties with Liechtenstein and Barbados e Tax Treaties
  • VAT case - Taylor Clark
  • Tonnage tax – changes to payments in lieu of training



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