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Background

The schedule allows for the allocation of proceeds, for developed and bought patents, to be spread over 6 years (CTA 2009, s914).

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Developing the schedule

The Patent income spreading schedule develops from the Miscellaneous income and gains

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Completing the schedule

Year of disposal/Current period proceeds/(Original purchase cost)

The user must enter on the schedule the year of disposal, the current period proceeds, the original cost under the relevant column headings. The proceeds and cost of the patent disposed of should reconcile with the entries made on the Disposals schedule. The actual Patents and know-how schedule will also display the disposal proceeds amount in computing the period's writing down allowances.

Proceeds to be spread

The amount of proceeds to be spread forward under CTA 2009, s914 should be entered. This amount will be carried forward into the next accounting period.

Taxable this period

The schedule will calculate the amount chargeable in the current period, which equates to one-sixth of the Proceeds to be spread amount for a 12 month accounting period.

Untaxed income c/f

This will be carried forward automatically into the next period, and comprises the Net current proceeds plus the difference between the Untaxed income b/f and the Taxable this period cells.

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Standard sub-schedules

The schedule has no standard sub-schedules.

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Carry forward

On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation. In the subsequent computation the untaxed income brought forward is entered automatically.

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Related errors

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