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Legislation
Corporation Tax Act 2009

Chapter 4 Realisation of intangible fixed assets

  • Section 733 Overview of Chapter
  • Section 734 Meaning of “realisation”
  • Section 735 Asset written down for tax purposes
  • Section 736 Asset shown in balance sheet and not written down for tax purposes
  • Section 737 Apportionment in case of part realisation
  • Section 738 Asset not shown in balance sheet
  • Section 738A Realisation of assets previously subject to Northern Ireland rate
  • Section 739 Meaning of “proceeds of realisation”
  • Section 740 Abortive expenditure on realisation
  • Section 741 Meaning of “chargeable intangible asset” and “chargeable realisation gain”
  1. Chapter 4 · Realisation of intangible fixed assets
  2. Asset written down for tax purposes

Section 735 | Asset written down for tax purposes

From legislation.gov.uk

(1)This section applies if there is a realisation of an intangible fixed asset in respect of which debits have been brought into account for tax purposes.

(2)If the proceeds of realisation exceed the tax written-down value of the asset, a credit equal to the excess must be brought into account for tax purposes.

(3)If the proceeds of realisation are less than the tax written-down value of the asset, a debit equal to the shortfall must be brought into account for tax purposes.

(4)If there are no proceeds of realisation, a debit equal to the tax written-down value must be brought into account for tax purposes.

(5)References in this section to the tax written-down value of an asset are to its tax written-down value immediately before the realisation.

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