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

Part 7 U.K. Roll-over relief in case of realisation and reinvestment

Conditions to be met in relation to the expenditure on other assets U.K.

39 (1) The following conditions must be met in relation to the expenditure on other assets—

(a) the expenditure must be incurred in the period—

(i) beginning twelve months before the date of realisation of the old asset or at such earlier time as the Inland Revenue may by notice allow, and

(ii) ending three years after the date of realisation of the old asset or at such later time as the Inland Revenue may by notice allow;

(b) the expenditure must be capitalised by the company for accounting purposes; and

(c) the assets on which the expenditure is incurred must be chargeable intangible assets in relation to the company immediately after the expenditure is incurred.

(2) For the purposes of this paragraph expenditure is regarded as incurred when it is recognised for accounting purposes.