Yorkshire businesses are set to take full advantage of reliefs aimed at encouraging innovation, according to Deloitte.
The business advisory firm says Yorkshire companies were granted 182 patents last year – a five year high – which suggests they are well placed to benefit from the Government’s new Patent Box tax relief, which aims to boost innovation.
Stuart Cottee, head of tax at Deloitte in Yorkshire, said: “These are encouraging figures for Yorkshire’s economy, particularly as the total number of patent applications granted in the UK dropped last year.
“The Patent Box has been designed to work alongside existing R&D tax relief and will benefit patent owners across a broad range of industries from manufacturing through to consumer businesses.
“Innovative, high-value products are a cornerstone of successful export businesses, which is why the Government has recently unveiled a raft of measure such as the Patent Box and the enhanced R&D tax credits to encourage firms to invest in research and innovation.”