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This is the original version (as it was originally enacted).
(1)This section defines “qualifying entity” and “qualifying asset” for the purposes of this Act.
(2)A “qualifying entity” is (subject to subsection (3)) any entity, whether or not a legal person, that is not an individual, and includes a company, a limited liability partnership, any other body corporate, a partnership, an unincorporated association and a trust.
(3)An entity which is formed or recognised under the law of a country or territory outside the United Kingdom is a “qualifying entity” only if it—
(a)carries on activities in the United Kingdom, or
(b)supplies goods or services to persons in the United Kingdom.
(4)A “qualifying asset” is (subject to subsection (6)) an asset of any of the following types—
(a)land,
(b)tangible (or, in Scotland, corporeal) moveable property,
(c)ideas, information or techniques which have industrial, commercial or other economic value.
(5)Examples of assets within subsection (4)(c) include—
(a)trade secrets,
(b)databases,
(c)source code,
(d)algorithms,
(e)formulae,
(f)designs,
(g)plans, drawings and specifications,
(h)software.
(6)Land or moveable property situated outside the United Kingdom or the territorial sea, or any asset within subsection (4)(c), is a “qualifying asset” only if it is used in connection with—
(a)activities carried on in the United Kingdom, or
(b)the supply of goods or services to persons in the United Kingdom.
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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