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Although it may not seem like an R&E expense, the cost of obtaining a patent is also currently deductible under Section 174. This includes both attorney fees and patent filing fees. This is one of the largest expenses many independent inventors have.
Companies must calculate their qualifying Patent Box profit and then apply a specific formula in their tax computation to calculate the deduction in their tax liability. Then they can take the tax deduction as a benefit in their CT600 tax return.The formula to calculate the amount of the tax deduction is.he steady state cost, after the initial phasing-in period, of the Patent Box is forecast to be approximately Â£1.1 billion in terms of corporation tax revenues foregone by HM Treasury.