The Patent Box Technical Note and Guide to the Finance Bill 2012 has now been incorporated into the Corporate Intangibles Research & Development Manual and can be located at http://www.hmrc.gov.uk/manuals/cirdmanual/CIRD200000.htm

By way of reminder, the essence of the legislation is to allow companies to elect to have a 10% rate of corporation tax on all profits attributable to qualifying intellectual property. The full benefit of the regime will be phased in over the first four financial years following commencement on 1 April 2013. In the first year the proportion of relevant profits to which the 10% rate will apply is 60% and this will then increase annually to 100% from 1 April 2017.