Section 357BNC — Corporation Tax Act 2010: Global streaming election

Global streaming election 357BNC 1 Subsection (2) applies where a company has made a global streaming election for an accounting period under section 357BN(2)(c).

2 In its application for the purpose of determining the relevant IP profits of the trade of the company for the accounting period, this Chapter has effect with the following modifications.

3 In subsection (2) of section 357BF (relevant IP profits)—

a omit Step 2, b in Step 3 for “each of the relevant IP income sub-streams” substitute “ the relevant IP income stream ” , c in Step 4—

i in the words before paragraph (a), for “each” substitute “ the ” , ii for “sub-stream”, in each place it occurs, substitute “ stream ” , d in Step 5—

i at the beginning insert “ If the relevant IP income stream is greater than nil following Step 4, ” , ii for the words from “each” to “Step 4” substitute “ the stream ” , iii for “sub-stream”, in the second place it occurs, substitute “ stream ” , e in Step 6—

i for “each relevant IP income sub-stream” substitute “ the relevant IP income stream ” , ii for “sub-stream”, in the second place it occurs, substitute “ stream ” , f omit Step 7, and g in Step 8 for “given by Step 7” substitute “ of the relevant IP income stream following Step 6 ” .

4 In subsection (3) of that section for “given by” substitute “ of the relevant IP income stream following the Steps in ” .

5 In subsection (4) of that section for “given by” substitute “ of the relevant IP income stream following the Steps in ” .

6 Omit subsections (5) to (7) of that section.

7 In section 357BIA(3) (certain amounts not to be deducted from sub-streams at Step 4 of section 357BF)—

a for “a relevant IP income sub-stream” substitute “ the relevant IP income stream ” ;

b for “sub-stream”, in the second and third places it occurs, substitute “ stream ” .

8 In section 357BJ (routine return figure)—

a for “sub-stream”, in each place it occurs, substitute “ stream ” , and b in subsection (1) for “Step 2” substitute “ Step 1 ” .

9 In section 357BK (marketing asset return figure) for “sub-stream”, in each place it occurs, substitute “ stream ” .

10 In section 357BKA (notional marketing royalty)—

a for “sub-stream”, in each place it occurs, substitute “ stream ” , and b in subsection (1) for “Step 2” substitute “ Step 1 ” .

11 In section 357BKB (actual marketing royalty) for “sub-stream”, in each place it occurs, substitute “ stream ” .

12 In section 357BL (R&D fraction: introduction)—

a for “sub-stream” (in each place it occurs) substitute “ stream ” , and b in subsection (1) for “Step 2” substitute “ Step 1 ” .

13 In section 357BLA(1) (R&D fraction) for “sub-stream” substitute “ stream ” .

14 In section 357BLB(5) (qualifying expenditure on relevant R&D undertaken in-house) for the words after “1138)” substitute “ which relates to a qualifying IP right to which income in the stream is attributable ” .

15 In section 357BLE(6) (qualifying expenditure on acquisition of relevant qualifying IP rights) for the words from “means” to the end substitute “ means a qualifying IP right to which income in the stream is attributable ” .

16 In section 357BLG (cases where the company is a new entrant with insufficient information about pre-enactment expenditure) for “sub-stream”, in each place it occurs, substitute “ stream ” .

17 In section 357BLH (R&D fraction: increase for exceptional circumstances) for “sub-stream”, in each place it occurs, substitute “ stream ” .

18 In section 357BNB (small claims figure election)—

a for “sub-stream”, in each place it occurs, substitute “ stream ” , and b in subsection (3) for “Step 2” substitute “ Step 1 ” .