Point in time view as at 17/07/2012.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 462.
(1)A person is required to bring a disposal value into account for the chargeable period in which he sells know-how on which he has incurred qualifying expenditure.
(2)The disposal value to be brought into account is the net proceeds of the sale, so far as they consist of capital sums.
(3)But no disposal value need be brought into account if the consideration received for the sale is treated as a payment for goodwill under [F1section 194(2) of ITTOIA 2005 or under] [F2section 178(2) of CTA 2009] (consideration for know-how on disposal of trade to be treated as payment for goodwill, unless parties otherwise elect).
Textual Amendments
F1 Words in s. 462(3) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 564 (with Sch. 2 )
F2Words in s. 462(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 511 (with Sch. 2 Pts. 1, 2)
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