SCHEDULES

SCHEDULE 9Profits from the exploitation of patents etc: consequential

23

1

Section 357GE (other interpretation) is amended as follows.

2

In subsection (1)—

a

at the appropriate place insert—

“payment” includes payment in money's worth.

b

omit the definition of “qualifying residual profit”.

3

After subsection (1) insert—

1A

In Chapters 3 and 4 of this Part “qualifying residual profit” of a trade, in relation to any accounting period, is the amount obtained by the application of Steps 1 to 4 in section 357C or (as the case may be) section 357DA in relation to the trade for the accounting period.