Finance Act 2016

• (3) In subsection (12) for “section 357CB(1)(c)” substitute “ section 357BG(1)(c) ”.

22

In section 357GC (application of Part 8A in relation to cost-sharing arrangements), in subsection (3), for “section 357CB(1)(c)” substitute “ section 357BG(1)(c) ”.

23

• (1) Section 357GE (other interpretation) is amended as follows.

• (2) In subsection (1)—

• (a) at the appropriate place insert—

“payment” includes payment in money's worth.

, and

• (b) omit the definition of “qualifying residual profit”.

• (3) After subsection (1) insert—

(1A) In Chapters 3 and 4 of this Part “qualifying residual profit” of a trade, in relation to any accounting period, is the amount obtained by the application of Steps 1 to 4 in section 357C or (as the case may be) section 357DA in relation to the trade for the accounting period.

24

In Schedule 4 (index of defined expressions)—

• (a) for the entry for “finance income (in Part 8A)” substitute—

,

• (b) after the entry for “new consideration (in Part 23)” insert—

,

• (c) in the entry for “qualifying residual profit of a trade (in Part 8A)”, in the left hand column, after “in” insert “ Chapters 3 and 4 of ”, and

• (d) for the entry for “relevant IP income (in Part 8A)” substitute—

.

SCHEDULE 10

PART 1 — Main provisions

1

In TIOPA 2010, after Part 6 insert—