SCHEDULE 9 Profits from the Exploitation of Patents etc: Consequential
Finance Act 2016 (2016 c 24) | Legislation

SCHEDULE 9 Profits from the Exploitation of Patents etc: Consequential

Section 64

1

CTA 2010 is amended in accordance with this Schedule.

2

In section 357B (meaning of “qualifying companyâ€), in subsection (3)(b)(ii), for “section 357A†substitute “section 357A(1)â€.

3

In the heading of Chapter 3 of Part 8A, after “profits†insert “: cases mentioned in section 357A(7): no income from new IPâ€.

4

(1)     Section 357C (relevant IP profits) is amended as follows.

(2)     Before subsection (1) insert—

“(A1)     This section applies for the purposes of determining the relevant IP profits of a trade of a company for an accounting period in a case where—

(a)     the accounting period began before 1 July 2021,

(b)     the company is not a new entrant (see section 357A(11)), and

(c)     none of the amounts of relevant IP income brought into account as credits in calculating the profits of the trade for the accounting period is properly attributable to a new qualifying IP right (see section 357BP).

But see also section 357D (alternative method of calculating relevant IP profits in such a case).â€

(3)     In subsection (1)—

(a)     in the words before Step 1,

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