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Legislation
Corporation Tax Act 2009

Crossheading How the relief is given

  • Section 758 How the relief is given: general
  • Section 759 Determination of appropriate proportion of cost and adjusted cost
  • Section 760 References to cost of asset where asset affected by change of accounting policy
  • Section 761 Declaration of provisional entitlement to relief
  • Section 762 Realisation and reacquisition
  • Section 763 Disregard of deemed realisations and reacquisitions
  1. How the relief is given
  2. Declaration of provisional entitlement to relief

Section 761 | Declaration of provisional entitlement to relief

From legislation.gov.uk

(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(a)it is withdrawn, or

(b)it is superseded by a claim for relief under this Chapter.

(5)So far as not previously withdrawn or superseded, a declaration of provisional entitlement ceases to have effect 4 years after the end of the accounting period in which the realisation took place.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

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