SCHEDULES
SCHEDULE 29Gains and losses of a company from intangible fixed assets
Part 2Debits in respect of intangible fixed assets
10Writing down at fixed rate: election for fixed-rate basis
1
A company may elect to write down the cost of an intangible fixed asset for tax purposes at a fixed rate.
2
An election to that effect may be made whether or not the asset is written down for accounting purposes.
3
An election under this paragraph must be made—
a
in writing,
b
to the Inland Revenue,
c
no later than two years after the end of the accounting period in which the asset is created or acquired by the company making the election.
4
An election under this paragraph in relation to an asset has effect in relation to all expenditure on the asset that is capitalised for accounting purposes.
5
An election under this paragraph is irrevocable.
6
Paragraph 9 (writing down on accounting basis) does not apply to an asset in respect of which an election is made under this paragraph.