- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/07/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2009
Point in time view as at 19/07/2007.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Chapter 5.
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(1)In the two cases given below, the amount (if any) by which the capital expenditure incurred by a person (“the buyer”) on the purchase of patent rights exceeds the relevant limit is to be left out of account in determining the buyer’s qualifying expenditure.
(2)The first case is where the buyer and the seller are connected with each other.
(3)The second case is where it appears that the sole or main benefit which (but for this section) might have been expected to accrue to the parties from—
(a)the sale, or
(b)transactions of which the sale is one,
was obtaining an allowance under this Part.
(4)If the seller is required to bring a disposal value into account under this Part because of the sale, the relevant limit is that disposal value.
(5)If subsection (4) does not apply but the seller—
(a)receives a capital sum on the sale, and
(b)is chargeable to tax in respect of that sum in accordance with section [F1 587 of ITTOIA 2005 or section] 524 of ICTA,
the relevant limit is that sum.
(6)If neither subsection (4) nor subsection (5) applies, the relevant limit is whichever of the following is the smallest—
(a)the market value of the rights;
(b)if the seller incurred capital expenditure on acquiring the rights, the amount of that expenditure;
(c)if a person connected with the seller incurred capital expenditure on acquiring the rights, the amount of that expenditure.
Textual Amendments
F1 Words in s. 481(5)(b) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 566 (with Sch. 2 )
(1)This section applies if an invention which is the subject of a patent is used by or for the services of—
(a)the Crown under sections 55 to 59 of the Patents Act 1977 (c. 37), or
(b)the government of a country outside the United Kingdom under corresponding provisions of the law of that country.
(2)The use is to be treated as having taken place under a licence.
(3)Sums paid in respect of the use are to be treated as having been paid under a licence.
For the purposes of this Part a person’s “income from patents” means—
(a)royalties or other sums paid in respect of the use of a patent,
(b)balancing charges to which the person is liable under this Part, and
(c)amounts on which tax is payable under [F2section 587, 593 or 594 of ITTOIA 2005 or under] section 524 or 525 of ICTA (taxation of receipts from sale of patent rights).
Textual Amendments
F2 Words in s. 483(c) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 567 (with Sch. 2 )
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