Superfast patent service will come at a cost
Recently the UK Intellectual Property Office’s (UKIPO) proposed a ‘superfast’ patent service could help some companies to make the most of Patent Box but only at a price.
This consultation seeks views on a proposal to offer a premium “superfast” patent processing service which would be capable of granting patents in around 90 days, on payment of an additional fee. It also seeks views on our existing acceleration services.
One of the current issues with the Patent Box scheme is whether the SME market will take advantage and opt into the scheme.
Where an SME does not have an existing patent, it must apply for one before it can opt into the program. However, obtaining a patent can take years, as well as require a cash outlay during this period.
It is expected that many SMEs will decide their time and funds are better spent on immediate issues. They do not have the luxury of waiting a number of years to access the financial benefits under the scheme.
To alleviate this concern, a new ‘superfast’ patent processing service, which will be capable of granting patents in just 90 days, was confirmed by Intellectual Property Minister Lord Younger.
The Government has published a consultation on how the service should work, following on from Business Secretary Vince Cable’s announcement last year that the service would be in place in 2013.
The consultation will seek views on:
– the principles on which such a service could be based
– the conditions that would apply in order to use the superfast service
– the details of how such a service should work in practice, including fees
– the usefulness of existing patent acceleration services
The consultation will run for 8 weeks, and concludes on 12 June 2013. Find out more on the UK Intellectual Property Office’s website.
Our specialist tax team can advise on Patent Box and research and development tax claims.