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Finance Act 2002

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This is the original version (as it was originally enacted).

Reversal of previous accounting gain

12(1)Where in a period of account a loss is recognised in the company’s profit and loss account reversing (in whole or in part) a gain recognised in a previous period of account in respect of which a credit was brought into account for tax purposes under Part 3 (credits in respect of intangible fixed assets), a corresponding debit shall be brought into account for tax purposes.

(2)The amount of the debit to be brought into account for tax purposes is:

Entry incomplete

where—

  • Accounting Loss is the amount of the loss recognised for accounting purposes,

  • Accounting Gain is the amount of the gain that is (in whole or in part) reversed, and

  • Previous Credit is the amount of the credit previously brought into account for tax purposes in respect of the gain.

(3)References in this paragraph to the recognition of a loss reversing a gain recognised in a previous period of account do not include a loss recognised by way of amortisation, or as a result of an impairment review, of an asset that has previously been the subject of a revaluation within the meaning of paragraph 15.

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