UNIVERSITY spinout companies could benefit from measures to promote innovative new businesses.
Adrian Widdowson, tax consultant at Garbutt & Elliott Chartered Accountants, said the Budget contained plans for a Patent Box, which from 2013, would offer a lower rate of tax to a certain part of the profits of a company that sells patented products.
He said: “It’s encouraging people to be more innovative and go out and make innovations.”
The Chancellor also announced improvements to the Enterprise Management Incentive Scheme, which is often used by university spinouts, or pre-trading companies, to offer employees long-term prospects through employee share schemes as an alternative way of renumerating them.
He said that for businesses looking to raise equity share capital from private investors would also benefit from improvements to the Enterprise investment Scheme, which gives tax benefits to investors in start-up businesses.
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