The new Patent Box initiative is open to any British company that innovates and sells products stemming from work cariied out within the UK and that has patents which were initially commercialised after 29 November 2010. However, a number of conditions apply before companies are deemed eligible for the new incentives. The specific patent must have been granted by the UK's Intellectual Property Office and must have a significant amount of profit-generating potential. For example, a component that makes up part of another product, such as a handle on a drill. will not qualify - the specific piece is not going to drive the profit of the product, even if the product is the first of its kind.
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