The Patent Box Deductions enables companies to apply a lower rate of Corporation Tax to profits earned from its patented inventions and certain other innovations.
Not all of the company profits may come from exploiting patented inventions. In order to calculate the Patent Box deduction, IRIS will need to calculate the proportion of income attributable to exploiting patents and innovations.
Therefore, a new "Patent Box Adjustment" tool will need to be created in order to calculate the correct and accurate proportion of income attributed from exploiting patents and innovations.
Jenny Strudwick
