Section 896 | Application to royalties

(1)This Part—

(a)applies to royalties recognised for accounting purposes on or after 1 April 2002, and

(b)does not apply to royalties recognised for accounting purposes before that date.

(2)But subsection (1) is subject to subsection (3).

(3)This section does not authorise or require an amount to be brought into account in connection with the realisation of a pre-FA 2002 asset.

(4)In this section “realisation” has the same meaning as in Chapter 4 (see section 734).