Corporation Tax Act 2010 section 357YU

Interpretation

Section 357YU provides definitions of two key terms used throughout the Patent Box provisions: "court" and "statutory rate".

• The term "court" is broadly defined to include any tribunal as well as a court in the traditional sense.
• The term "statutory rate" refers to an interest rate that matches a rate specified for taxation purposes.
• The specified rate must be set out in an Act of Parliament or in a provision made under an Act.
• Both definitions apply throughout the whole of the Patent Box Part of the Corporation Tax Act 2010.