Commentary

B5.340 Partnership changes

Business tax
Business tax | Commentary

B5.340 Partnership changes

Business tax | Commentary

B5.340 Partnership changes

The corporate tax treatment of intangible assets, including patents, acquired or created on or after 1 April 2002 is set out in the corporate intangible regime as detailed in Division D1.6. The commentary below relates to pre-FA 2002 assets where it refers to corporation tax.

Where a profit on the sale of a patent right is realised by a trading partnership, the profit is assessed on the individual partners in accordance with the profit sharing arrangements for the tax year in which the sale proceeds are received.

A special rule applies where1:

  1.  

    (a)     the seller of patent rights is

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