Commentary

D1.629 Intangible debits—reversal of previous accounting gain

Corporate tax
Corporate tax | Commentary

D1.629 Intangible debits—reversal of previous accounting gain

Corporate tax | Commentary

D1.629 Intangible debits—reversal of previous accounting gain

Where a loss is recognised in determining a company's profit or loss for an accounting period which reverses (in whole or in part) a gain which was recognised in a previous period of account and a credit was brought into account for tax purposes on that gain, then a corresponding debit shall be brought into account for tax purposes1. This does not, however, apply to a loss arising by way of amortisation, or as a result of an impairment review, of an asset that has previously been the subject of a revaluation2. This

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