Corporation Tax Act 2010 section 357

Other definitions

Section 357 provides key definitions used throughout Part 8A of the Corporation Tax Act 2010, which deals with the patent box regime and profits arising from qualifying intellectual property.

• The section defines "relevant intellectual property income" as income falling within the patent box provisions that relates to qualifying intellectual property rights held by the company.
• It clarifies what constitutes a "qualifying company" for the purposes of the patent box regime, including the conditions a company must meet to elect into the regime.
• The section sets out the meaning of "qualifying intellectual property right", covering patents and other specified rights granted under UK or certain overseas jurisdictions.
• It also defines ancillary terms such as "relevant period", "new qualifying intellectual property right", and other expressions used in the calculation of patent box profits.

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