90 day
‘Superfast’ Patent Service
In December 2012, Vince Cable announced plans for the
Intellectual Property Office to introduce a new ’90 day patent’ later this
year. The ‘superfast’ patent process
will require a premium processing fee, the level of which has not yet been
announced.
It is yet to be confirmed, but expected that the 90
day patents will meet the requirements of the new Patent Box regime which is
due to come into effect on 1 April 2013.
This new speedy patent process is a positive step and will be of
interest to businesses hoping to make use of the Patent Box regime but
concerned about the timescales of the current patent process (which can take
several years).
This new patent process is just one of a number of
steps to support growth in innovation and creativity in the UK. Other measures include a campaign to educate
small businesses about getting value from their creativity and innovation and
an advisory service for small and medium sized businesses with high-growth
potential.
The Government is clearly keen to be seen to encourage
innovation and creativity. Patent Box
offers companies of all sizes the opportunity to significantly reduce their
corporation tax bill and the new measures are a positive step in making the
regime more accessible to smaller companies.
Ward Williams are a leading firm of Chartered
Accountants specialising in Patent Box and Research & Development
claims. For more information please
contact Sarah Brock on 01932 830 664 or email sarah.brock@wardwilliams.co.uk
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