SCHEDULES

C1SCHEDULE 29Gains and losses of a company from intangible fixed assets

Annotations:
Modifications etc. (not altering text)
C1

Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6

Part 13Supplementary provisions

103Grants to be left out of account for tax purposes

1

This paragraph applies to—

a

grants under Part 2 of the Industrial Development Act 1982 (c. 52) (regional development grants); and

b

grants made under Northern Ireland legislation and declared by the Treasury by order to correspond to a grant under that Part.

These are referred to below in this paragraph as “exempt grants”.

2

Any gain recognised in the company’s profit and loss account in respect of an exempt grant shall be disregarded for the purposes of this Schedule.

3

Where as a result of an exempt grant being brought into account by a company there is a reduction—

a

in the amount of a loss recognised in the company’s profit and loss account, or

b

in the amount of expenditure on an intangible fixed asset that is capitalised for accounting purposes,

the amount of the reduction shall be added back for the purposes of this Schedule.