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(b) a patent, other than a short term patent within the meaning of section 63 of the Patents Act 1992, or an equivalent provision in another jurisdiction, where—

(i)the Patents Office in the State, or equivalent Office elsewhere, has caused a search to be undertaken in relation to the invention and a search report (within the meaning of section 29 of the Patents Act 1992) prepared, and

(II)the patent was granted on or after 1 January 2016 and before 1 January 2017 and a patent agent, within the meaning of section 106 of the Patents Act 1992, certifies that in his or her opinion such a patent meets the patentability criteria, in that the invention is susceptible of industrial application, new and involves an inventive step,

(i)the Patents Office in the State, or equivalent Office elsewhere, has caused a search to be undertaken in relation to the invention and a search report (within the meaning of section 29 of the Patents Act 1992) prepared, and

(b) a patent, other than a short term patent within the meaning of section 63 of the Patents Act 1992, or an equivalent provision in another jurisdiction, where—

(II)the patent was granted on or after 1 January 2016 and before 1 January 2017 and a patent agent, within the meaning of section 106 of the Patents Act 1992, certifies that in his or her opinion such a patent meets the patentability criteria, in that the invention is susceptible of industrial application, new and involves an inventive step,

(iv)any plant breeders’ rights within the meaning of section 4 of the Plant Varieties (Proprietary Rights) Act 1980;

(3) (a) Subject to paragraph (b), for the purposes of this Chapter, specified trade means a trade or part of a trade, other than an excepted trade within the meaning of section 21A, consisting of or including one or more of the following categories of activities—

“accounting period” in relation to a company, means an accounting period determined in accordance with section 27;

(ii)expended on machinery or plant (other than specified intangible assets within the meaning of section 291A treated as machinery or plant by virtue of subsection (2) of that section where the specified intangible asset was acquired directly or indirectly from a member of the group) which qualifies for any allowance under Part 9,

(i)which is allowable as a deduction in computing the profits or gains from a trade (otherwise than by virtue of section 307), or would be so allowable but for the fact that for accounting purposes it is brought into account in determining the value of an asset,

“Member State” has the same meaning as ‘relevant Member State’ has in section 766;

“research and development activities” has the meaning assigned to it in section 766;

but this paragraph is subject to section 769I(6)(a)(i)(VII);

(4) Where a relevant company incurs expenditure for the purposes of a specified trade before the time that trade has been set up and commenced, then for the purposes of this Chapter other than section 769O, that expenditure shall be deemed to have been incurred in the first accounting period of that company.

“intellectual property”, other than for the purposes of the definition of ‘acquisition costs’ or ‘marketing-related intellectual property’ in this subsection and without prejudice to section 769R, means—