15Abolition of tax relief for patent royaltiesU.K.
(1)Chapter 4 of Part 8 of ITA 2007 (reliefs: annual payments and patent royalties) is amended in accordance with subsections (2) and (3).
(2)In section 448 (relief for individuals), in subsection (1)(b) omit “or 903(5)” and “and patent royalties”.
(3)In section 449 (relief for other persons), in subsection (1)(b) omit “or 903(6)” and “and patent royalties”.
(4)Accordingly, that Act is amended as follows—
(a)in section 2 (overview of Act), in subsection (8)(c) omit “and patent royalties”,
(b)in section 24 (reliefs deductible at Step 2), in subsection (1)(b) omit “and patent royalties”, and
(c)in the heading for Chapter 4 of Part 8 of that Act omit “AND PATENT ROYALTIES”.
(5)The amendments made by this section have effect in relation to payments made on or after 5 December 2012.