Section 879J | Meaning of qualifying IP asset

(1)In section 879I “qualifying IP asset”, in relation to a company, means an intangible fixed asset that meets the following two conditions.

(2)The first condition is that the asset is—

(a)a patent, registered design, copyright or design right, plant breeders' right, or right under section 7 of the Plant Varieties Act 1997,

(b)a right under the law of a country or territory outside the United Kingdom corresponding or similar to a right within paragraph (a), or

(c)a licence or other right in respect of anything within paragraph (a) or (b).

(3)The second condition is that in the hands of the company the asset—

(a)is not to any extent excluded from this Part by Chapter 10, and

(b)is not a pre-FA 2002 asset (see section 881).

(4)The reference in subsection (2)(c) to a licence or other right does not include a licence or other right that permits the use of computer software but does not permit its manufacture, adaptation or supply.

(5)The Treasury may by regulations amend the meaning of qualifying IP asset for the purposes of this Chapter.