Section 357GE — Corporation Tax Act 2010: Other interpretation

Other interpretation 357GE 1 In this Part— “ invention ”, in relation to a right to which this Part applies, means the item or process in respect of which the right is granted, “ item ” includes any substance, “ the OECD Model Tax Convention ” means— the version of the Model Tax Convention on Income and on Capital published in July 2010 by the Organisation for Economic Co-operation and Development (“the OECD ”), or such other document approved and published by the OECD in place of that (or a later) version or in place of that Convention as is designated for the time being by order made by the Treasury, “ the OECD transfer pricing guidelines ” has the same meaning as “the transfer pricing guidelines” in section 164 of TIOPA 2010 “ payment ” includes payment in money's worth. ... 1A In Chapters 3 and 4 of this Part “qualifying residual profit” of a trade, in relation to any accounting period, is the amount obtained by the application of Steps 1 to 4 in section 357C or (as the case may be) section 357DA in relation to the trade for the accounting period.

2 Any reference in this Part to calculating the profits of a trade of a company for an accounting period is a reference to calculating those profits for corporation tax purposes (and any reference to the profits or losses of a trade of a company for an accounting period is to be read accordingly).