C1C2C3C4C5C6Part 8Intangible fixed assets

Annotations:
Modifications etc. (not altering text)
C2

Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)

C4

Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)

C6

Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

Chapter 7Roll-over relief in case of realisation and reinvestment

How the relief is given

761Declaration of provisional entitlement to relief

1

A company realising an intangible fixed asset may make a declaration of provisional entitlement to relief under this Chapter.

2

While the declaration continues in force, this Chapter applies as if the conditions for relief under this Chapter were met.

3

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 Chapter, and

c

accordingly is provisionally entitled to relief of a specified amount.

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it is withdrawn, or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it is superseded by a claim for relief under this Chapter.

5

So far as not previously withdrawn or superseded, a declaration of provisional entitlement ceases to have effect 4 years after the end of the accounting period in which the realisation took place.

6

If a declaration of provisional entitlement ceases to have effect, in whole or in part, all necessary adjustments must be made, by assessment or otherwise.

7

Subsection (6) applies despite any limitation on the time within which assessments or amendments may be made.