SCHEDULES

C1C2C4C3C5C6C7C9C8SCHEDULE 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

C6

Sch. 29 modified (19.7.2006) by Finance Act 2006 (c. 25), s. 136(2)(f)

Part 2Debits in respect of intangible fixed assets

12Reversal of previous accounting gain

1

Where in a period of account a loss is recognised in F1determining the company's profit or loss reversing (in whole or in part) a gain recognised in a previous period of account in respect of which a credit was brought into account for tax purposes under Part 3 (credits in respect of intangible fixed assets), a corresponding debit shall be brought into account for tax purposes.

2

The amount of the debit to be brought into account for tax purposes is:

Accounting Loss×Previous CreditAccounting Gainmath

where—

Accounting Loss is the amount of the loss recognised for accounting purposes,

Accounting Gain is the amount of the gain that is (in whole or in part) reversed, and

Previous Credit is the amount of the credit previously brought into account for tax purposes in respect of the gain.

3

References in this paragraph to the recognition of a loss reversing a gain recognised in a previous period of account do not include a loss recognised by way of amortisation, or as a result of an impairment review, of an asset that has previously been the subject of a revaluation within the meaning of paragraph 15.