Corporation Tax Act 2010 section 357V

Introductory

Section 357V introduces special rules governing how the patent box regime (Part 8A) applies to Northern Ireland companies, setting the scene for the remaining provisions in Chapter 15.

• Chapter 15 modifies the patent box rules (Part 8A) specifically for companies that qualify as Northern Ireland companies during an accounting period.
• The modifications apply only where a company has elected under section 357A for special treatment of profits from patents in relation to a trade, and is a Northern Ireland company in that same period.
• Where both conditions are met, the standard patent box provisions in Part 8A are subject to the additional rules set out in Chapter 15.
• The term "the relevant period" used throughout Chapter 15 means the accounting period in which both conditions are satisfied.