SCHEDULES
C1C2SCHEDULE 29Gains and losses of a company from intangible fixed assets
Annotations:
Modifications etc. (not altering text)
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
Part 6How credits and debits are given effect
31Asset held for purposes of trade
Credits and debits to be brought into account in any accounting period in respect of an asset held by the company for the purposes of a trade carried on by it in that period are given effect by treating—
a
credits as receipts of the trade, and
b
debits as expenses of the trade,
in calculating the profits of the trade for tax purposes.
Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6