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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 744 is up to date with all changes known to be in force on or before 04 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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744Effect of part realisation of assetU.K.
This section has no associated Explanatory Notes
(1)The tax written-down value of an intangible asset that has been the subject of a part realisation is determined as follows.
(2)Immediately after the part realisation the tax written-down value of the asset is—
where—
WDVB is the tax written-down value of the asset immediately before the part realisation,
AVA is the accounting value of the asset immediately after the part realisation, and
AVB is the accounting value immediately before the part realisation.
(3)Subsequently, the tax written-down value of the asset is determined in accordance with section 742 or 743, but subject to subsections (4) and (5).
(4)The cost of the asset recognised for tax purposes is the sum of—
(a)the tax written-down value in accordance with subsection (2), and
(b)the cost recognised for tax purposes of subsequent expenditure on the asset that is capitalised for accounting purposes.
(5)Only credits and debits brought into account for tax purposes after the part realisation are taken account of.
(6)If there is a further part realisation, subsections (1) to (5) apply again.
(7)If there is a subsequent change of accounting policy affecting the asset, Chapter 15 (adjustments on change of accounting policy) applies.
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