Section 19
Exclusion of intellectual property income from sections 10 and 15
of Economic Expansion Incentives (Relief from Income Tax) Act 1967
(1)
In ascertaining the income of a pioneer service company from a qualifying activity under section 10 (as applied by section 18), any intellectual property income produced by the activity, as well as any allowance for capital expenditure incurred for the purposes of that activity that is attributable to or apportioned by the Comptroller to any intellectual property income, must be excluded.
(2)
For the purposes of the application of section 15 (as applied by section 18), a reference to income in section 15(1) excludes any intellectual property income.
(3)
To avoid doubt, intellectual property income excluded under subsection (1) remains chargeable to tax under the Income Tax Act 1947.[19A