Finance Act, 1981

Amendment of section 34 (exemption from tax of income from patent royalties) of Finance Act, 1973.

19.Section 34 (3) of the Finance Act, 1973 , is hereby amended by the substitution of “an invention which is the subject of a qualifying patent” for “an invention which is the subject of a patent”, and the said section 34 (3), as so amended, is set out in the Table to this section.

TABLE

(3) Where, under section 92 of the Patents Act, 1964 , or any corresponding provisions of the law of any other country, an invention which is the subject of a qualifying patent is made, used, exercised or vended by or for the service of the State or the government of the country concerned, the provisions of this section shall have effect as if the making, user, exercise or vending of the invention had taken place in pursuance of a licence and any sums paid in respect thereof were income from a qualifying patent.