SCHEDULE 29Gains and losses of a company from intangible fixed assets
Part 7Roll-over relief in case of realisation and reinvestment
Declaration of provisional entitlement to relief
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(1)
A company realising an intangible fixed asset may make a declaration of provisional entitlement to relief under this Part.
(2)
A declaration of provisional entitlement is a declaration by the company, in its company tax return for the accounting period in which the realisation takes place, that the company—
(a)
has realised an intangible fixed asset,
(b)
proposes to meet the conditions for relief under this Part, and
(c)
is accordingly provisionally entitled to relief of a specified amount.
(3)
While the declaration continues in force, this Part applies as if the conditions for relief under this Part were met.
(4)
A declaration of provisional entitlement ceases to have effect if, or to the extent that—
(a)
it is withdrawn, or
(b)
it is superseded by a claim for relief under this Part.
(5)
So far as not previously withdrawn or superseded, a declaration of provisional entitlement ceases to have effect four years after the end of the accounting period in which the realisation took place.
(6)
On a declaration of provisional entitlement ceasing to have effect, in whole or in part, all necessary adjustments shall be made, by assessment or otherwise.
This applies notwithstanding any limitation on the time within which assessments or amendments may be made.