Corporation Tax Act 2010 section 357G

Making of election under section 357A(1) or (11)(b)

Section 357G sets out the procedure a company must follow to make an election for the special Patent Box treatment of profits from patents under section 357A.

• The election is made by giving formal notice to an officer of Revenue and Customs, specifying the first accounting period for which it is to take effect.
• The notice must be submitted no later than the deadline for amending the company's tax return for that accounting period under Schedule 18 to Finance Act 1998.
• The election applies to all trades carried on by the company — it is not possible to elect for only some of the company's trades.
• Once made, the election continues in effect for the specified accounting period and all subsequent periods, unless it is formally revoked under section 357GA.