Section 476 Disposal value of patent rights

United Kingdom

(1)

In this Chapter “disposal receipt” means a disposal value that a person is required to bring into account in accordance with—

(a)

this section, or

(b)

F1section 614BS of ITA 2007 or F2section 918 of CTA 2010 (cases where expenditure taken into account under Part 2, 5 or 8 of this Act) or any other enactment.

(2)

A person is required to bring a disposal value into account for the chargeable period in which he sells the whole or a part of any patent rights on which he has incurred qualifying expenditure.

(3)

Subject to section 477, the disposal value to be brought into account is the net proceeds of the sale, so far as they consist of capital sums.

Annotations

Textual amendments

F1: Words in s. 476(1)(b) substituted (1.4.2010) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 236 (with Sch. 9 paras. 1-9, 22)
F2: Words in s. 476(1)(b) inserted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 357 (with Sch. 2)