SCHEDULES
SCHEDULE 9Profits from the exploitation of patents etc: consequential
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).
3
In subsection (1)—
a
in the words before Step 1, omit “of a trade of a company for an accounting period”,
b
in Step 2, for “357CC and 357CD” substitute “
357BH to 357BHC
”
,
c
in Step 4, after “routine return figure” insert “
in relation to the trade for the accounting period
”
,
d
in Step 5, for “elected” substitute “
made an election under section 357CL
”
, and
e
in Step 6, after “marketing assets return figure” insert “
in relation to the trade for the accounting period
”
.