Patent Box: supplementary: revocation of a Patent Box election
A company may revoke an election into the Patent Box regime by giving notice to an officer of Revenue and Customs.
The notice must specify the first accounting period of the company for which the revocation is to have effect.
The notice must be given on or before the last day on which an amendment of the company’s tax return for that accounting period could be made under FA98/SCH18/PARA15. As with an election into the Patent Box, in practice this means within 12 months of the fixed filing date of the return for the first accounting period for which the company wishes the election to no longer have effect.
The revocation has effect in relation to the accounting period specified in the notice and all subsequent accounting periods of the company, and will apply to all trades of the company.
A company that elects out of the regime is effectively prevented from electing back in for a 5 year period. S357GA(5) provides that such an election does not have effect for any accounting period of the company that begins before the end of the period of 5 years beginning with the day after the last day of the accounting period specified in the notice revoking the election.