Income Tax (Earnings and Pensions) Act 2003 section 456

Meaning of "intellectual property" and "transfer"

Section 456 defines the terms "intellectual property" and "transfer" for the purposes of the rules on shares in research institution spin-out companies.

• Intellectual property covers patents, trade marks, registered designs, copyrights, design rights, plant breeders' rights, equivalent overseas rights, and economically valuable unprotected information or techniques
• The definition also extends to any licence or other right over such intellectual property, and to any associated goodwill as understood for accounting purposes
• A transfer of intellectual property includes a sale, the grant of a licence or other right, or the assignment of an existing licence or right
• The Treasury has the power to amend the definition of intellectual property by order