Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 29 U.K. Gains and losses of a company from intangible fixed assets

Modifications etc. (not altering text)

C1 Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6

C2 Sch. 29 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 28 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1

C3 Sch. 29 modified (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 17; S.I. 2005/1444, art. 2(1), Sch. 1

C4 Sch. 29 modified (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 6; S.I. 2005/1444, art. 2(1), Sch. 1

C5 Sch. 29 modified (E.W.) (1.1.2006) by Clean Neighbourhoods and Environment Act 2005 (c. 16), ss. 93(3), 108(3); S.I. 2005/3439, art. 2

Part 4 U.K. Realisation of intangible fixed assets

Realisation of asset written down for tax purposes U.K.

20 (1) This paragraph applies where there is a realisation of an intangible fixed asset in respect of which debits have been brought into account for tax purposes—

F1 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) Where this paragraph applies—

(a) if the proceeds of realisation exceed the tax written down value of the asset, a credit equal to the excess shall be brought into account for tax purposes;

(b) if the proceeds of realisation are less than the tax written down value of the asset, a debit equal to the shortfall shall be brought into account for tax purposes; and

(c) if there are no proceeds of realisation, a debit equal to the tax written down value shall be brought into account for tax purposes.

(3) References in this paragraph to the tax written down value of an asset are to its tax written down value immediately before the realisation.

Textual Amendments

F1 Sch. 29 para. 20(1)(a)(b) (c) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)