Corporation Tax Act 2010 section 357GA

Revocation of election made under section 357A(1)

Section 357GA sets out how a company can revoke its Patent Box election and the consequences of doing so, including the deadline for giving notice and a five-year restriction on making a fresh election.

• A company may revoke its Patent Box election by giving notice to HMRC specifying the first accounting period from which the revocation takes effect.
• The notice must be given no later than the deadline for amending the company's tax return for the specified accounting period.
• Once revoked, the election ceases to apply for the specified period and all subsequent accounting periods.
• A company that has revoked its election cannot make a new Patent Box election that takes effect for any accounting period beginning within five years of the end of the period specified in the revocation notice.