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(1) Part II of Schedule 25 to the Taxes Act 1988 (exempt activities) shall be amended as follows.
(2) In paragraph 9 (activities which constitute investment business) for sub-paragraph (1A) (definition of “intellectual property”) there shall be substituted—
“(1A) In sub-paragraph (1)(a) above “intellectual property” includes (in particular)—
(a) any industrial, commercial or scientific information, knowledge or expertise;
(b) any patent, trade mark, registered design, copyright or design right;
(c) any licence or other right in respect of intellectual property;
(d) any rights under the law of a country outside the United Kingdom which correspond or are similar to those falling within paragraph (b) or (c) above.”
(3) In paragraph 11(1) (activities which constitute wholesale, distributive or financial business) for paragraph (c) (banking or any similar business involving the receipt of deposits, loans or both and the making of loans or investments) there shall be substituted—
“(c) banking, deposit-taking, money-lending or debt-factoring, or any business similar to banking, deposit-taking, money-lending or debt-factoring;”.
(4) In consequence of subsection (3) above—
(a) in paragraph 9(3), for “banking or any similar business” there shall be substituted “business”;
(b) in paragraph 11(3), for “banking or other business” there shall be substituted “business”.
(5) This section has effect in relation to accounting periods of a controlled foreign company, within the meaning of Chapter IV of Part XVII of the Taxes Act 1988, beginning on or after 17th March 1998.
This Act received Royal Assent on 31 July 1998: for provision as to the effect of this section see sub-s (5) above.