728Expenditure written off as it is incurredU.K.
(1)If in a period of account expenditure on an intangible fixed asset is recognised in determining a company's profit or loss, a corresponding debit must be brought into account for tax purposes.
(2)The amount of the debit recognised for tax purposes is the same as the amount of the loss recognised by the company for accounting purposes.
(3)Subsection (2) is subject to any adjustments required by this Part or [F1Part 4 of TIOPA 2010] (provision not at arm's length).
(4)This section does not apply if the loss represents previously capitalised expenditure.
(5)Nothing in section 59 (patent royalties) prevents a debit from being brought into account in accordance with this section, and so given effect under Chapter 6 of this Part.
Textual Amendments
F1Words in s. 728(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 145(1), (2) (with Sch. 9 paras. 1-9, 22)