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Corporation Tax Act 2009

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Changes over time for: Section 736

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Changes to legislation:

Corporation Tax Act 2009, Section 736 is up to date with all changes known to be in force on or before 12 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

736Asset shown in balance sheet and not written down for tax purposesU.K.

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(1)This section applies if—

(a)there is a realisation of an intangible fixed asset to which section 735 does not apply, and

(b)a value is shown for the asset in the company's balance sheet.

(2)If the proceeds of realisation exceed the cost of the asset, a credit equal to the excess must be brought into account for tax purposes.

(3)If the proceeds of realisation are less than the cost of the asset, a debit equal to the shortfall must be brought into account for tax purposes.

(4)If there are no proceeds of realisation, a debit equal to the cost of the asset must be brought into account for tax purposes.

(5)In this section “the cost of the asset” means the cost recognised for tax purposes.

(6)The cost of the asset recognised for tax purposes is the same as the amount of expenditure on the asset capitalised by the company for accounting purposes.

(7)Subsection (6) is subject to any adjustments required by this Part or [F1Part 4 of TIOPA 2010] (provision not at arm's length)).

(8)If this section has applied on a part realisation of an asset and applies again (on the realisation of the unrealised asset) the references in subsections (2) to (4) to the cost of the asset must be read as references to the sum of—

(a)the cost recognised for tax purposes in respect of the value of the asset recognised for accounting purposes immediately after the part realisation, and

(b)the cost recognised for tax purposes of any subsequent expenditure on the asset that is capitalised for accounting purposes.

(9)If there is a further part realisation, subsection (8) applies again.

Textual Amendments

F1Words in s. 736(7) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 145(1), (2) (with Sch. 9 paras. 1-9, 22)

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