[F1[F2357BNCGlobal streaming electionU.K.
(1)Subsection (2) applies where a company has made a global streaming election for an accounting period under section 357BN(2)(c).
(2)In its application for the purpose of determining the relevant IP profits of the trade of the company for the accounting period, this Chapter has effect with the following modifications.
(3)In subsection (2) of section 357BF (relevant IP profits)—
(a)omit Step 2,
(b)in Step 3 for “each of the relevant IP income sub-streams” substitute “ the relevant IP income stream ”,
(c)in Step 4—
(i)in the words before paragraph (a), for “each” substitute “ the ”,
(ii)for “sub-stream”, in each place it occurs, substitute “ stream ”,
(d)in Step 5—
(i)at the beginning insert “ If the relevant IP income stream is greater than nil following Step 4, ”,
(ii)for the words from “each” to “Step 4” substitute “ the stream ”,
(iii)for “sub-stream”, in the second place it occurs, substitute “ stream ”,
(e)in Step 6—
(i)for “each relevant IP income sub-stream” substitute “ the relevant IP income stream ”,
(ii)for “sub-stream”, in the second place it occurs, substitute “ stream ”,
(f)omit Step 7, and
(g)in Step 8 for “given by Step 7” substitute “ of the relevant IP income stream following Step 6 ”.
(4)In subsection (3) of that section for “given by” substitute “ of the relevant IP income stream following the Steps in ”.
(5)In subsection (4) of that section for “given by” substitute “ of the relevant IP income stream following the Steps in ”.
(6)Omit subsections (5) to (7) of that section.
(7)In section 357BIA(3) (certain amounts not to be deducted from sub-streams at Step 4 of section 357BF)—
(a)for “a relevant IP income sub-stream” substitute “ the relevant IP income stream ”;
(b)for “sub-stream”, in the second and third places it occurs, substitute “ stream ”.
(8)In section 357BJ (routine return figure)—
(a)for “sub-stream”, in each place it occurs, substitute “ stream ”, and
(b)in subsection (1) for “Step 2” substitute “ Step 1 ”.
(9)In section 357BK (marketing asset return figure) for “sub-stream”, in each place it occurs, substitute “ stream ”.
(10)In section 357BKA (notional marketing royalty)—
(a)for “sub-stream”, in each place it occurs, substitute “ stream ”, and
(b)in subsection (1) for “Step 2” substitute “ Step 1 ”.
(11)In section 357BKB (actual marketing royalty) for “sub-stream”, in each place it occurs, substitute “ stream ”.
(12)In section 357BL (R&D fraction: introduction)—
(a)for “sub-stream” (in each place it occurs) substitute “ stream ”, and
(b)in subsection (1) for “Step 2” substitute “ Step 1 ”.
(13)In section 357BLA(1) (R&D fraction) for “sub-stream” substitute “ stream ”.
(14)In section 357BLB(5) (qualifying expenditure on relevant R&D undertaken in-house) for the words after “1138)” substitute “ which relates to a qualifying IP right to which income in the stream is attributable ”.
(15)In section 357BLE(6) (qualifying expenditure on acquisition of relevant qualifying IP rights) for the words from “means” to the end substitute “ means a qualifying IP right to which income in the stream is attributable ”.
(16)In section 357BLG (cases where the company is a new entrant with insufficient information about pre-enactment expenditure) for “sub-stream”, in each place it occurs, substitute “ stream ”.
(17)In section 357BLH (R&D fraction: increase for exceptional circumstances) for “sub-stream”, in each place it occurs, substitute “ stream ”.
(18)In section 357BNB (small claims figure election)—
(a)for “sub-stream”, in each place it occurs, substitute “ stream ”, and
(b)in subsection (3) for “Step 2” substitute “ Step 1 ”.]]
Textual Amendments
F1Pt. 8A inserted (with effect in accordance with Sch. 2 paras. 7, 8 of the amending Act) by Finance Act 2012 (c. 14), Sch. 2 para. 1(1)
F2Pt. 8A Chs. 2A, 2B inserted (with effect in accordance with s. 64(7) of the amending Act) by Finance Act 2016 (c. 24), s. 64(3)