[861 Sale of patent rights: effect of partnership changes]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[861  Sale of patent rights: effect of partnership changes]

[(1)     This section applies if each of the following conditions is met—

(a)     a person (“the trader”) sells the whole or part of any patent rights in carrying on a trade,

(b)     tax is chargeable under section 587 of this Act or section 912 of CTA 2009 on the proceeds of the sale or on any instalment of those proceeds,

(c)     the tax is chargeable in one or more tax years or accounting periods (referred to in this section as “the tax charge periods”),

(d)     there is a change in the persons carrying on the trade at any time between the beginning of the first of those tax charge periods and the end of the last of them, and

(e)     the partnership condition and the continuity condition are met.

(2)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Recklessness in criminal cases

Recklessness in criminal casesWhat is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

Money laundering offences—tipping off and prejudicing an investigation

Money laundering offences—tipping off and prejudicing an investigationTipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities

LEXISNEXIS

Medco

MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of