Large Companies Claiming More UK Patent Box Relief

Large companies are claiming more tax relief offered for profits attributable to patents and intellectual property, the UK tax authority said Thursday.

The value of relief claimed in the 2022-23 tax year increased from £1.327 billion to £1.469 billion ($1.966 billion), largely driven by big companies claiming more relief, according to statistics released by His Majesty’s Revenue and Customs on Thursday.

Patent box relief reduces the rate of corporation tax from 19% to 10% for profits generated by patents and equivalent forms of intellectual property.

• The number of companies claiming patent box relief fell from 1,630 in the 2021-2022 ...