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Legislation
Income Tax (Trading and Other Income) Act 2005

Crossheading Sales of patent rights

  • Section 587 Charge to tax on income from sales of patent rights
  • Section 588 Income charged under section 587
  • Section 589 Person liable for tax under section 587
  • Section 590 UK resident sellers: spreading rules
  • Section 591 Non-UK resident sellers: election for spreading
  • Section 592 Further provision about elections for spreading: instalments
  • Section 593 Death of seller
  • Section 594 Winding up of a body corporate
  • Section 595 Deduction of tax from payments to non-UK residents
  • Section 596 Adjustments where tax has been deducted
  • Section 597 Licences connected with patents
  • Section 598 Rights to acquire future patent rights
  • Section 599 Sums paid for Crown use etc. treated as paid under licence
  1. Sales of patent rights
  2. Winding up of a body corporate

Section 594 | Winding up of a body corporate

From legislation.gov.uk

(1)If a body corporate which is liable to income tax under section 587 commences to be wound up, any amounts falling within subsection (2) are taxed in the year in which the winding up commences.

(2)The amounts are—

(a)any amounts which would have been chargeable in later tax years under section 591(2) or 592(2), and

(b)any amounts (arising to the body in a fiduciary or representative capacity) which would have been chargeable in later tax years under section 590(2) or (4).

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