Patent Box

The Patent Box is a tax incentive designed to encourage companies to invest in research and development (R&D) by allowing them to pay a lower tax rate on profits earned from patented inventions. Essentially, if a business creates a product or process that is patented, the income generated from that innovation can be taxed at a reduced rate. This scheme aims to stimulate innovation and economic growth by rewarding companies for developing new technologies and ideas, ultimately supporting job creation and competitiveness in the market.