There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 147.
(1)This section applies if, in accordance with generally accepted accounting practice, an amount in respect of—
(a)expenditure on the acquisition of a relevant telecommunication right, or
(b)a receipt from the disposal of a relevant telecommunication right,
is recognised in the accounts of a trade as an item in the calculation of profit or loss.
(2)The amount is treated for income tax purposes as an item of a revenue nature.
(3)“The acquisition of a relevant telecommunication right” includes—
(a)the extension of rights attached to a relevant telecommunication right, and
(b)if a relevant telecommunication right is subject to a derivative right, the cancellation or restriction of rights attached to the derivative right.
(4)“The disposal of a relevant telecommunication right” includes—
(a)the cancellation or restriction of rights attached to a relevant telecommunication right, and
(b)the granting of a derivative right or the extension of rights attached to a derivative right.
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