# Corporation Tax Act 2010, Section 357BO: Relevant IP profits


(1) Section 357BF applies, with the modifications set out in section 357BQ, 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 begins before 1 July 2021,
(b) the company is not a new entrant (see section 357A(11)), and
(c) any amount of relevant IP income brought into account as a credit in calculating the profits of the trade for the accounting period is properly attributable to a new qualifying IP right (see section 357BP).
(2) Where it is necessary for the purposes of section 357BF, as applied by this section, to determine the R&D fraction for a relevant IP income sub-stream, the company concerned is to be treated for the purposes of sections 357BLF and 357BLG as if it were a new entrant.
(3) Where section 357BF applies by reason of this section for the purposes of determining the relevant IP profits of a trade of a company for an accounting period, the company may not make a global streaming election for the accounting period under section 357BN(2)(c).

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Source: https://www.legislation.gov.uk/ukpga/2010/4/section/357BO (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2010/section-357BO
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.