Commentary

D1.622 Intangible credits—revaluations

Corporate tax
Corporate tax | Commentary

D1.622 Intangible credits—revaluations

Corporate tax | Commentary

D1.622 Intangible credits—revaluations

Where the accounting value of an intangible fixed asset is increased on a revaluation, a credit may have to be brought into account for tax purposes, but limited to the amount of previous deductions given1. This applies only to assets where tax relief is claimed for amortisation on an accounting basis (see D1.627); revaluations of assets within the fixed rate regime (see D1.628) are not taxable2.

A revaluation includes both the case where assets are being shown at a valuation on the balance sheet for the first time, and also the case where the revaluation restores past losses3.

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial