585Income charged under section 583U.K.
This
adran has no associated
Nodiadau Esboniadol
(1)Tax is charged under section 583 on the full amount of the profits arising in the tax year.
(2)The profits charged under section 583 are—
(a)the amount of the consideration, less
(b)any expenditure incurred by the recipient wholly and exclusively in the acquisition or disposal of the know-how.
(3)Such expenditure may not be taken into account more than once, whether under this section or otherwise.
(4)This section needs to be read with section 603 (contributions to expenditure).