Finance Act 2002

Introduction U.K.

7 (1) This Part provides for debits to be brought into account by a company for tax purposes in respect of—

(a) expenditure on an intangible fixed asset that is written off for accounting purposes as it is incurred (see paragraph 8);

(b) writing down the capitalised cost of an intangible fixed asset—

(i) on an accounting basis (see paragraph 9), or

(ii) on a fixed-rate basis (see paragraphs 10 and 11); and

(c) the reversal of a previous accounting gain in respect of an intangible fixed asset (see paragraph 12).

(2) This Part does not apply in relation to amounts brought into account in connection with the realisation of an intangible fixed asset (see Part 4).