SCHEDULES
F1SCHEDULE 29Gains and losses of a company from intangible fixed assets
F1Part 1Introduction
F11Gains and losses in respect of intangible fixed assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12Intangible assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13Intangible fixed assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14Goodwill
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F15Company not drawing up correct accounts
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16Reference to consolidated group accounts
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 2Debits in respect of intangible fixed assets
F17Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F18Expenditure written off as it is incurred
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19Writing down on accounting basis
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F110Writing down at fixed rate: election for fixed-rate basis
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F111Writing down at fixed rate: calculation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F112Reversal of previous accounting gain
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 3Credits in respect of intangible fixed assets
F113Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F114Receipts recognised as they accrue
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F114AReceipts in respect of royalties so far as not dealt with under paragraph 14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F115Revaluation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F116Negative goodwill
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F117Reversal of previous accounting loss
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 4Realisation of intangible fixed assets
F118Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F119Meaning of “realisation"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F120Realisation of asset written down for tax purposes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F121Realisation of asset shown in balance sheet and not written down for tax purposes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F122Apportionment in case of part realisation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F123Realisation of asset not shown in balance sheet
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F124Meaning of “proceeds of realisation"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F125Relief in case of reinvestment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F126Abortive expenditure on realisation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 5Calculation of tax written down value
F127Asset written down on accounting basis
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F128Asset written down at fixed rate
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F129Effect of part realisation of asset
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 6How credits and debits are given effect
F130Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F131Asset held for purposes of trade
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F132Asset held for purposes of property business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F133Assets held for purposes of mines, transport undertakings, etc
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F134Non-trading credits and debits
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F135Claim to set non-trading loss against total profits
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F136Special provisions relating to insurance companies
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 7Roll-over relief in case of realisation and reinvestment
F137The relief
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F138Conditions to be met in relation to the old asset and its realisation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F139Conditions to be met in relation to the expenditure on other assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F140Claim for relief
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F141How the relief is given: general
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F142Determination of appropriate proportion or adjusted cost
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F142AReferences to cost of asset where asset affected by change of accounting policy
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F143Declaration of provisional entitlement to relief
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F144Realisation and reacquisition
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F145Deemed realisations and deemed acquisitions to be disregarded
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 8Groups of companies
F146Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F147General rule: a company and its 75% subsidiaries form a group
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F148Membership of group restricted to effective 51% subsidiaries of principal company
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F149Principal company cannot be 75% subsidiary of another company
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F150Company cannot be member of more than one group
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F151Continuity of identity of group
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F151A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F152Meaning of “effective 51% subsidiary"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F153Meaning of equity holder and profits or assets available for distribution
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F154Supplementary provisions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 9Application of provisions to groups of companies
F155Transfers within a group
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F156Roll-over relief on reinvestment: application to group member
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F157Roll-over relief on reinvestment: acquisition of group company treated as equivalent to acquisition of underlying assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F158Company ceasing to be member of group (“degrouping")
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F159Degrouping: associated companies leaving group at the same time
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F160Degrouping: principal company becoming member of another group
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F161Degrouping: company ceasing to be member of group by reason of exempt distribution
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F162Degrouping: merger carried out for bona fide commercial reasons
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F163Degrouping: group member ceasing to exist
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F164Degrouping: supplementary provisions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F165Degrouping: application of roll-over relief in relation to degrouping charge
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F166Reallocation of degrouping charge within group
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F167Application of roll-over relief in relation to reallocated degrouping charge
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F168Recovery of degrouping charge from another group company or controlling director
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F169Recovery of degrouping charge from another group company or controlling director: procedure etc
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F170Recovery of degrouping charge from another group company or controlling director: time limit
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F171Payments between group members in respect of reliefs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 10Excluded assets
F172Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F173Assets entirely excluded: rights over tangible assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F173AAssets entirely excluded: assets in respect of which capital allowance previously made
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F174Assets entirely excluded: oil licences
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F175Assets entirely excluded: financial assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F176Assets entirely excluded: rights in companies, trusts, etc
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F177Assets entirely excluded: non-commercial purposes etc
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F178Assets excluded except as regards royalties: life assurance business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F179Assets excluded except as regards royalties: mutual trade or business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F180Assets excluded except as regards royalties: films and sound recordings
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F180AAssets excluded: certain films
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F180BAssets excluded except as regards royalties: sound recordings
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F181Assets excluded except as regards royalties: computer software treated as part of cost of related hardware
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F182Assets excluded to extent specified: research and development
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F183Assets excluded to extent specified: election to exclude capital expenditure on computer software
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 11Transfer of business or trade
F184Company reconstruction involving transfer of business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F185Transfer of UK business between companies resident in different EU member States
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F185AEuropean cross-border merger: transfer of UK business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Transparent entities
F185B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F185C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F185D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F186Postponement of charge on transfer of assets to non-resident company.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F187Transfer of non-UK business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F187AEuropean cross-border merger: transfer of non-UK business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F188Procedure on application for clearance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F189Transfer of life assurance business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F190Transfer of business of building society to company
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F191Amalgamation of or transfer of engagements by certain societies
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 12Transactions between related parties
F192Transfer between company and related party treated as being at market value
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F193Exclusion of roll-over relief in case of part realisation involving related party
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F194Delayed payment of royalty payable by company to related party
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F195Meaning of “related party"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F195APersons treated as “related parties”
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F196Meaning of “control" and “major interest"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F197Rights and powers to be taken into account: general
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F198Rights and powers to be taken into account: rights and powers held jointly
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F199Rights and powers to be taken into account: partnerships
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1100Meaning of “participator" and “associate"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1101Connected persons
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 13Supplementary provisions
F1102Treatment of grants and other contributions to expenditure
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1103Grants to be left out of account for tax purposes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1104Finance leasing etc
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1105Assets acquired or realised together
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1106Deemed market value acquisition: adjustment of amounts in case of nil accounting value
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1107Treatment of fungible assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1108Asset ceasing to be chargeable intangible asset: deemed realisation at market value
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1109Asset ceasing to be chargeable intangible asset: postponement of gain in certain cases
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1110Asset becoming chargeable intangible asset
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1111Tax avoidance arrangements to be disregarded
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1112Debits not allowed in respect of expenditure not generally deductible for tax purposes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1113Delayed payment of employees' remuneration
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1114Delayed payment of pension contributions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1115Bad debts etc
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116Assumptions for computing chargeable profits of controlled foreign companies
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 13AAdjustment on change of accounting policy
F1116AIntroduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116BChange of accounting policy involving change of value
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116CChange of accounting policy involving disaggregation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116DChange of accounting policy involving disaggregation: original asset subject to fixed rate writing down
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116EChange of accounting policy involving disaggregation: election for fixed rate writing down in relation to resulting asset
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116FCap on credit to be brought into account on change of accounting policy
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116GExclusion of debits or credits brought into account under other provisions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1116HSubsequent events affecting asset subject to adjustment under this Part
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 14Commencement and transitional provisions
F1117Commencement date
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1118Application of Schedule to assets created or acquired after commencement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1119Application of Schedule to royalties
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1120Assets regarded as created or acquired when expenditure incurred
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1121Internally-generated goodwill: whether created before or after commencement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1122Certain other internally-generated assets: whether created before or after commencement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1123Expenditure on acquisition treated as incurred when recognised for accounting purposes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1124When expenditure treated as incurred: chargeable gains rule to be followed in certain cases
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1125When expenditure treated as incurred: capital allowances general rule to be followed in certain cases
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1126Application of Schedule to fungible assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1127Certain assets acquired on transfer of business treated as existing assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1127AAssets whose value derives from existing assets treated as existing assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1127BAssets acquired in connection with disposals of existing assets treated as existing assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1128Application of Schedule to certain existing telecommunication rights
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1129Application of Schedule to existing Lloyd’s syndicate capacity
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1130Roll-over relief: application in relation to disposal of existing asset after commencement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1131Roll-over relief: application in relation to degrouping charge on existing asset arising after commencement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1132Roll-over relief: transitory interaction with relief on replacement of business asset
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Part 15Interpretation
F1133References to expenditure on an asset
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1134References to amounts recognised in determining profit or loss
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1135Meaning of “accounting value"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1136Meaning of “adjustments required for tax purposes"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1137Meaning of “chargeable intangible asset" and “chargeable realisation gain"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1138Interpretation provisions relating to insurance companies
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1139Meaning of “royalty"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1140Meaning of “tax-neutral transfer"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1141Meaning of “the Inland Revenue"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1142Meaning of “the Taxes Acts"
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1143Index of defined expressions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 29 repealed (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. 545, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)