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Brands, designs, patents. These and other forms of intellectual property are key assets that help consumer businesses stand out from the crowd.
But intellectual property, or IP – and looking at where and how it is held and managed in the business - can represent the opportunity to secure significant tax savings – particularly with traditional tax planning techniques coming under increased fire from the tax authorities.
Profits attributable to IP can be substantial, so it makes a big difference where the assets are owned and where they are created, developed, managed and maintained. Tax rates and incentives differ country by country, the location of a company’s or group’s IP can make a significant difference to its overall tax burden.
In a bid to stimulate innovation and attract business, a number of governments already have IP-related tax incentives in the form of grants, subsidies or reduced rates for both the development and exploitation phase of IP.
Businesses often struggle to identify or put an accurate value on their various IP assets. Only through a thorough analysis of IP and the IP lifecycle, allied to an understanding of national tax laws, can management work out the best place to create, own, manage and purchase IP.
Almost all organisations possess IP in some format. For some, it’s all about a strong brand created by marketing. For others, it’s related to the customer, through customer relationships, lists & contracts. For others still, it’s in the technology and product design. For these companies, using the UK’s new Patent Box regime, taxing profits at 10%, could prove a great way to reduce their tax bill, and that’s on top of being able to claim R&D tax credits.
Wherever the IP is to be found, effective planning can help consumer businesses structure themselves in a tax-efficient way.
For further information contact
Jonathan BridgesPartner, Corporate Tax+44 (0) 20 7694 3846jonathan.bridges@kmpg.co.uk
