Section 879J — Corporation Tax Act 2009: Meaning of qualifying IP asset

Meaning of qualifying IP asset 879J 1 In section 879I “ qualifying IP asset ”, in relation to a company, means an intangible fixed asset that meets the following two conditions.

2 The first condition is that the asset is—

a a patent, registered design, copyright or design right, plant breeders' right, or right under section 7 of the Plant Varieties Act 1997, b a right under the law of a country or territory outside the United Kingdom corresponding or similar to a right within paragraph (a), or c a licence or other right in respect of anything within paragraph (a) or (b).

3 The second condition is that in the hands of the company the asset—

a is not to any extent excluded from this Part by Chapter 10, and b is not a pre-FA 2002 asset (see section 881).

4 The reference in subsection (2)(c) to a licence or other right does not include a licence or other right that permits the use of computer software but does not permit its manufacture, adaptation or supply.

5 The Treasury may by regulations amend the meaning of qualifying IP asset for the purposes of this Chapter.