(1)The reference in section 126(1)(a) to a disposal of such a licence or rights as are there mentioned includes, in particular—
(a)the revocation of the licence;
(b)the disposal, giving up or loss by the individual, or by a partnership of which he is a member, of any right under the licence;
(c)any disposal, giving up or loss by the individual, or by a partnership of which he is a member, of any right to any income (or any part of any income) under an agreement that is related to or contains the licence (“a licence-related agreement”);
(d)any default in the payment of income to which the individual, or a partnership of which he is a member, has a right under a licence-related agreement;
(e)a change in the individual’s entitlement to any profits deriving to any extent from such income, such that his share of the profits is reduced or extinguished;
(f)a change in the individual’s entitlement to any losses deriving to any extent from expenditure incurred in exploiting the licence, such that he becomes entitled to a share, or a greater share, of the losses without becoming entitled to a corresponding share of profits;
(g)the disposal, giving up or loss of the individual’s interest in a partnership that has the licence or a right to income under a licence-related agreement, including the dissolution of the partnership.
(2)It is immaterial for the purposes of section 126(1)(a) and subsection (1)(b) and (c) whether the licence or right is disposed of alone or as part of a larger disposal (and the references here to disposal of a right include giving up or loss).
(3)If there is an agreement under which the individual is entitled—
(a)to a particular share of any profits or losses arising in a period, and
(b)to a different share of any profits or losses arising in a succeeding period (“the later period”),
his entitlement to the profits or losses arising in the later period shall be treated for the purposes of subsection (1)(e) and (f) as changing at the beginning of the later period; and in paragraphs (a) and (b) of this subsection a “share” of profits or losses includes a nil share.