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Link to original content: http://www.legislation.gov.uk/ukpga/2005/5/notes/division/5/2/6/36
Income Tax (Trading and Other Income) Act 2005 - Explanatory Notes

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Income Tax (Trading and Other Income) Act 2005

Section 89: Expenses connected with patents

362.This section allows a deduction for expenses connected with patents. It is based on section 83 of ICTA.

363.Subsection (1) sets out the expenses that are allowable. The deduction is on the basis of expenses incurred. This relaxes any requirement in the source legislation that fees have to be paid before a deduction can be made. See Change 23 in Annex 1.

364.Subsection (2) establishes that the rule in this section is an exception to the general rule in section 56.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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