Corporation Tax Act 2010 section 357VE

Interpretation of Chapter

Section 357VE provides definitions of key terms used throughout Chapter 15, which deals with profits arising from the exploitation of patents and other intellectual property taxable at the Northern Ireland rate.

• An exclusive licence in relation to a right has the same meaning as in Part 8A of the Act, which covers the Patent Box regime for profits from exploiting patents.
• A qualifying IP right also takes its meaning from Part 8A, covering the types of intellectual property rights that qualify for the special tax treatment.
• Relevant IP profits, in relation to a company's trade, are determined following the rules in Chapter 3 of Part 8A, but subject to modifications for relevant IP losses under section 357VD.
• The relevant period is defined in section 357V, the introductory section of Chapter 15.