PART 1Income Tax, Corporation Tax and Capital Gains Tax
CHAPTER 2Income tax: general
Exemptions and reliefs
15Abolition of tax relief for patent royalties
1
Chapter 4 of Part 8 of ITA 2007 (reliefs: annual payments and patent royalties) is amended in accordance with subsections (2) and (3).
2
In section 448 (relief for individuals), in subsection (1)(b) omit “or 903(5)” and “and patent royalties”.
3
In section 449 (relief for other persons), in subsection (1)(b) omit “or 903(6)” and “and patent royalties”.
4
Accordingly, that Act is amended as follows—
a
in section 2 (overview of Act), in subsection (8)(c) omit “and patent royalties”,
b
in section 24 (reliefs deductible at Step 2), in subsection (1)(b) omit “and patent royalties”, and
c
in the heading for Chapter 4 of Part 8 of that Act omit “AND PATENT ROYALTIES”.
5
The amendments made by this section have effect in relation to payments made on or after 5 December 2012.