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Finance Act 2002
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Changes over time for: Paragraph 27
Version Superseded: 01/04/2009
Alternative versions:
- 24/07/2002- Amendment
- 22/07/2004- Amendment
- 07/04/2005- Amendment
- 21/02/2009
Point in time - 01/04/2009- Amendment
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Asset written down on accounting basisU.K.
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 F1... ; and
Credits is the total amount of any credits previously brought into account for tax purposes in respect of the asset F1... .
(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.
[F2(3)This paragraph has effect subject to—
paragraph 29 in the case of an asset that has been the subject of a part realisation, and
Part 13A of this Schedule in the case of an asset that has been subject to adjustment on a change of accounting policy.]
Textual Amendments
F1Words in Sch. 29 para. 27(1) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)
F2Sch. 29 para. 27(3) substituted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 42
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