There are currently no known outstanding effects for the Corporation Tax Act 2009, Section 751.
(1)If there are non-trading credits or debits in an accounting period in respect of intangible fixed assets, the company's non-trading gain or loss on such assets in the period must be calculated.
(2)There is a non-trading gain on intangible fixed assets in an accounting period if subsection (3) or (4) applies.
(3)If in the accounting period—
(a)there are non-trading credits, but
(b)there are no non-trading debits,
there is a non-trading gain on intangible fixed assets equal to the sum of the credits.
(4)If in the accounting period—
(a)there are both non-trading credits and non-trading debits, and
(b)the total non-trading credits exceed the total non-trading debits,
there is a non-trading gain on intangible fixed assets equal to the excess.
(5)There is a non-trading loss on intangible fixed assets in an accounting period if subsection (6) or (7) applies.
(6)If in the accounting period—
(a)there are non-trading debits, but
(b)there are no non-trading credits,
there is a non-trading loss on intangible fixed assets equal to the sum of the debits.
(7)If in the accounting period—
(a)there are both non-trading credits and non-trading debits, and
(b)the total non-trading debits exceed the total non-trading credits,
there is a non-trading loss on intangible fixed assets equal to the excess.
(8)For the treatment of non-trading gains and losses see—
(a)section 752 (charge to tax on non-trading gains on intangible fixed assets), and
(b)section 753 (treatment of non-trading losses).
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