Corporation Tax Act 2010 section 357GE

Other interpretation

Section 357GE provides key definitions and interpretive rules used throughout Part 8A of the Corporation Tax Act 2010, which deals with the Patent Box regime.

• An "invention" means the item or process for which an intellectual property right has been granted, and "item" is broadly defined to include any substance.
• The "OECD Model Tax Convention" refers to the July 2010 version of the Model Tax Convention on Income and on Capital, or any replacement document designated by the Treasury.
• The "qualifying residual profit" of a trade for an accounting period is the amount arrived at by applying Steps 1 to 4 in section 357C or section 357DA, as appropriate.
• All references to calculating the profits or losses of a trade are to be read as calculations for corporation tax purposes.

---