SCHEDULES

C1SCHEDULE 29Gains and losses of a company from intangible fixed assets

Annotations:
Modifications etc. (not altering text)
C1

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

Part 7Roll-over relief in case of realisation and reinvestment

39Conditions to be met in relation to the expenditure on other assets

1

The following conditions must be met in relation to the expenditure on other assets—

a

the expenditure must be incurred in the period—

i

beginning twelve months before the date of realisation of the old asset or at such earlier time as the Inland Revenue may by notice allow, and

ii

ending three years after the date of realisation of the old asset or at such later time as the Inland Revenue may by notice allow;

b

the expenditure must be capitalised by the company for accounting purposes; and

c

the assets on which the expenditure is incurred must be chargeable intangible assets in relation to the company immediately after the expenditure is incurred.

2

For the purposes of this paragraph expenditure is regarded as incurred when it is recognised for accounting purposes.