No versions valid at: 01/06/2002
Point in time view as at 01/06/2002. This version of this provision is not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2002, Paragraph 27.
Valid from 24/07/2002
27(1)For the purposes of this Schedule the tax written down value of an intangible fixed asset to which paragraph 9 applies (writing down on accounting basis) is given by:
where—
Tax Cost is the cost of the asset recognised for tax purposes;
Debits is the total amount of the debits previously brought into account for tax purposes in respect of the asset under paragraph 9; and
Credits is the total amount of any credits previously brought into account for tax purposes in respect of the asset under paragraph 15 (revaluation).
(2)Subject to any adjustment required for tax purposes, the cost of the asset recognised for tax purposes is the same as the amount of the expenditure on the asset that is capitalised for accounting purposes.
(3)This paragraph has effect subject to paragraph 29 in the case of an asset that has been the subject of a part realisation.
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