Clause 13

by deleting the words “year of assessment 2020” in subsection (1)(b) and substituting the words “year of assessment 2025”;

by inserting, immediately after subsection (1BA), the following subsection:“(1BB) Subject to this section, for the purpose of ascertaining the income of a person carrying on a trade or business during the basis period for any year of assessment between the years of assessment 2019 and 2025 (both years inclusive), there is to be allowed in respect of all the person’s trades and businesses, in addition to the deduction allowed under subsection (1), a deduction of the amount of qualifying intellectual property registration costs incurred during the basis period for the purposes of those trades and businesses, up to $100,000.”;

by deleting subsections (1E) and (1F) and substituting the following subsections:“(1E) For the purposes of subsections (1A), (1B), (1BA) and (1BB), where an individual carrying on a trade or business through 2 or more firms (excluding partnerships) has, during the basis period for any year of assessment between the years of assessment 2011 and 2025 (both years inclusive), incurred qualifying intellectual property registration costs in respect of such firms for the purposes of the individual’s trade or business, the deduction that may be allowed to the individual for those costs in respect of all the individual’s trades and businesses must not exceed the amount computed in accordance with subsection (1A), (1B), (1BA) or (1BB) (as the case may be) for that year of assessment.(1F) For the purposes of subsections (1A), (1B), (1BA) and (1BB), where a partnership carrying on a trade or business has, during the basis period for any year of assessment between the years of assessment 2011 and 2025 (both years inclusive), incurred qualifying intellectual property registration costs for the purposes of the partnership’s trade or business, the aggregate of the deductions that may be allowed to all the partners of the partnership for those costs in respect of all the trades and businesses of the partnership must not exceed the amount computed in accordance with subsection (1A), (1B), (1BA) or (1BB) (as the case may be) for that year of assessment.”;

by deleting the words “or (1BA)” in subsection (2) and substituting the words “, (1BA) or (1BB)”; and

by deleting the words “or (1BA)” wherever they appear in subsection (5A) and substituting in each case the words “, (1BA) or (1BB)”.