CIRD25190 - Intangible assets excluded from
Schedule 29 as special tax rules apply: election in respect of
capital expenditure on computer software: computational
consequences
FA02/SCH29/PARA82
On the election described in
CIRD25180 the following provisions of
Parts 2 to 4 of Schedule 29 continue to apply:
- paragraph 14 (receipts recognised as they
accrue) - except to the extent they are recognised under CAA01/S72
(CA23420),
- paragraph 12 (debits on reversal of
previous accounting gain) - but only to the extent the accounting
gains represent credits brought to account under paragraph 14,
- all the provisions in Part 4 (realisation
of intangible assets) except that:
- credits are only to be brought into account to the
extent that they are not brought to account as disposal values
under CAA01/S72, and
- no deductions are to be made from receipts on the
realisation of the asset under paragraphs 20 or 21 (because they
are relievable under the capital allowances rules).
The other provisions in Parts 2 to 4 of Schedule 29 do not
apply.
