Income Tax (Trading and Other Income) Act 2005 section 580

Income charged under section 579

Section 580 establishes how the amount of taxable income from intellectual property royalties and similar receipts is determined for income tax purposes.

• Tax is charged on the full amount of intellectual property income arising in the tax year
• Special rules apply where the income is from a foreign source, as set out in Part 8 of the Act
• Certain deductions may be available when calculating the chargeable amount, as detailed in section 582
• Patent royalties and similar payments may be spread over several years under section 527 of ICTA