769P Time limits.

(1) Where a company has submitted an application to a Patents Office which would result in a qualifying asset if the patent or protection sought were granted, then the company may make a claim under section 769I(2)—

(a)in the accounting period in which the application is submitted, and if the application is subsequently refused then the company shall amend each return, within the meaning of section 959A, in which a deduction under section 769I(5) was claimed, and pay any additional tax and interest due accordingly, or

(b)subject to subsection (2), in the accounting period in which the application is granted, and notwithstanding anything to the contrary in section 959AA or section 865, a Revenue officer shall amend an assessment for each accounting period in which overall income from a qualifying asset arose, and any tax to be repaid shall be repaid accordingly and for the purposes of section 865A any such claim shall not be a valid claim on any date before the return, within the meaning of section 959A, for the accounting period in which the application is granted is filed.

(2) Where a company intends to make a claim pursuant to subsection (1) (b), then in respect of each accounting period prior to the accounting period in which the application is granted the company shall make a claim (a ‘protective claim’) for the amount of the allowance that may be claimed upon the application being granted, and any subsequent claim pursuant to subsection (1)(b) shall not exceed the amount of those protective claims.