Knowledge Development Box (Certification of Inventions) Act 2017 comes into force and now extends to SMEs

07/06/2017

Knowledge Development Box (Certification of Inventions) Act 2017 comes into force and now extends to SMEs 

Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor has announced the commencement of an Act for a certification scheme aimed at inventions developed by SMEs. The scheme comes within the Knowledge Development Box initiative announced in the Finance Act, 2015.

Announcing the scheme the Minister said “this is a good day for innovative SMEs involved in research and development that results in valuable Intellectual Property (IP) assets”.

Under the scheme, SMEs can apply to the Controller of Patents, Designs and Trade Marks for a certificate where they believe that their IP generated as a result of R&D is novel, non-obvious and useful. If granted, the certificate will allow the SME to apply the lower rate of corporation tax of 6.25% to profits arising from the intellectual property assets.

Further Information here