Section 357BNA | Notional royalty election ^F1F2

(1)Subsection (2) applies where a company has made a notional royalty election for an accounting period under section 357BN(2)(a).

(2)In its application for the purposes of determining the relevant IP profits of the trade of the company for the accounting period, section 357BHA (notional royalty) has effect as if—

(a)in subsection (2) for “the appropriate percentage” there were substituted “ 75% ”, and

(b)subsections (3) to (6) were omitted.