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Finance Act 2016
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- UK Public General Acts
- 2016 c. 24
- SCHEDULE 9
- Paragraph 12
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12(1)Section 357D (alternative method of calculating relevant IP profits: “streaming”) is amended as follows.U.K.
(2)In subsection (1) at the end insert “in a case where—
(a)the accounting period began before 1 July 2021,
(b)the company is not a new entrant (see section 357A(11)), and
(c)none of the amounts of relevant IP income brought into account as credits in calculating the profits of the trade for the accounting period is properly attributable to a new qualifying IP right (see section 357BP).”
(3)For subsection (4) substitute—
“(4)A company must apply section 357DA (instead of section 357C) for the purposes of determining the relevant IP profits of a trade of the company for an accounting period in a case mentioned in subsection (1) if any of the mandatory streaming conditions in section 357DC is met in relation to the trade for the period.”
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