Section 730 | Writing down at fixed rate: election for fixed-rate basis

(1)A company may elect to write down the cost of an intangible fixed asset for tax purposes at a fixed rate.

(2)The election may be made whether or not the asset is written down for accounting purposes.

(3)The election may only be made—

(a)in writing,

(b)to an officer of Revenue and Customs, and

(c)not later than 2 years after the end of the accounting period in which the asset is created or acquired by the company.

(4)The election applies to all expenditure on the asset that is capitalised for accounting purposes.

(5)The election is irrevocable.