SCHEDULES
C1C2SCHEDULE 29Gains and losses of a company from intangible fixed assets
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
34Non-trading credits and debits
1
Where, or to the extent that, in an accounting period, there are—
a
credits in respect of intangible fixed assets that are not within any of paragraphs 31 to 33 (“non-trading credits”), or
b
debits in respect of intangible fixed assets that are not within any of those paragraphs (“non-trading debits”),
the company’s aggregate non-trading gain or loss on intangible fixed assets must be calculated.
2
There is a non-trading gain on intangible fixed assets if—
a
there are only non-trading credits, or
b
there are both non-trading credits and non-trading debits and the aggregate of the former exceeds the aggregate of the latter.
The amount of the non-trading gain is the aggregate amount of the credits or, as the case may be, the amount of the excess.
3
There is a non-trading loss on intangible fixed assets if—
a
there are only non-trading debits, or
b
there are both non-trading credits and non-trading debits and the aggregate of the latter exceeds the aggregate of the former.
The amount of the non-trading loss is the aggregate amount of the debits or, as the case may be, the amount of the excess.
4
A non-trading gain on intangible fixed assets is chargeable to tax under Case VI of Schedule D.
5
A non-trading loss on intangible fixed assets is given effect in accordance with the following paragraph.
Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6