Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 29 U.K. Gains and losses of a company from intangible fixed assets

Modifications etc. (not altering text)

C1 Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6

C2 Sch. 29 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 28 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1

C3 Sch. 29 modified (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 17; S.I. 2005/1444, art. 2(1), Sch. 1

C4 Sch. 29 modified (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 6; S.I. 2005/1444, art. 2(1), Sch. 1

C5 Sch. 29 modified (E.W.) (1.1.2006) by Clean Neighbourhoods and Environment Act 2005 (c. 16), ss. 93(3), 108(3); S.I. 2005/3439, art. 2

C6 Sch. 29 modified (19.7.2006) by Finance Act 2006 (c. 25), s. 136(2)(f)

C7 Sch. 29 modified (21.12.2007) by Consumers, Estate Agents and Redress Act 2007 (c. 17), s. 66(2), Sch. 4 para. 10 (with s. 6(9)); S.I. 2007/3546, art. 3, Sch.

[F1 Part 13A U.K. Adjustment on change of accounting policy

Textual Amendments

F1 Sch. 29 Pt. 13A substituted for Sch. 29 para. 116A (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 45

Cap on credit to be brought into account on change of accounting policy U.K.

116F (1) The amount of any credit to be brought into account for tax purposes under paragraph 116B or 116C (assets subject to writing down on accounting basis) is limited to the net aggregate amount of relevant tax debits previously brought into account.

(2) Where the credit is to be brought into account under paragraph 116B (change of value), the net aggregate amount of relevant tax debits previously brought into account is:

Previous Debits - Previous Credits

where—

Previous Debits is the total amount of debits previously brought into account for tax purposes in respect of the asset, and

Previous Credits is the total amount of credits previously brought into account for tax purposes in respect of the asset.

(3) Where the credit is to be brought into account under paragraph 116C (disaggregation), the net aggregate amount of relevant tax debits previously brought into account is:

Previous Debits - Previous Credits

where—

Previous Debits is the total amount of debits previously brought into account for tax purposes in respect of the original asset at the end of the earlier period, and

Previous Credits is the total amount of credits previously brought into account for tax purposes in respect of that asset.]