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Finance Act 2002
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- 2002 c. 23
- SCHEDULE 29
- Part 2
- Section 9
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- Act amendment to earlier affecting provision SI 2006/3271 regs. 22-24 by S.I. 2007/2146 reg. 22-24
- Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131
- Act applied in part (with modifications) by S.I. 2007/1050 reg. 3-12 (This SI is amended by 2009 c. 4 Sch. 2 para. 131)
- Act modified by S.I. 2006/3271 reg. 37-41
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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- S.I. 2003/88 art. 2 3 commences (2002 c. 23)
- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/1472 art. 2 commences (2002 c. 23)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3043 art. 2 commences (2002 c. 23)
- S.I. 2003/3086 art. 2 commences (2002 c. 23)
- S.I. 2004/689 art. 2 commences (2002 c. 23)
- S.I. 2005/2007 art. 2 commences (2002 c. 23)
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2004/2575 art. 2 Sch. 1 2 commences (2004 c. 20)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1444 art. 2 commences (2005 c. 14)
- S.I. 2006/982 art. 2 commences (2005 c. 22)
- S.I. 2006/3399 art. 2 commences (2006 c. 25)
- S.I. 2007/3546 art. 3 Sch. commences (2007 c. 17)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2009/3250 art. 2 commences (2007 c. 29)
Writing down on accounting basisE+W+S+N.I.
9(1)Where in a period of account a loss is recognised in the company’s profit and loss account in respect of capitalised expenditure on an intangible fixed asset—
(a)by way of amortisation, or
(b)as a result of an impairment review,
a corresponding debit shall be brought into account for tax purposes.
(2)The reference in sub-paragraph (1) to an “impairment review” does not include the valuation of an asset for the purpose of determining the amount of expenditure to be capitalised in the first place.
(3)The amount of the debit for tax purposes in respect of expenditure on an asset is, in the period of account in which the expenditure is capitalised:
where—
Accounting Loss is the amount of the loss recognised for accounting purposes,
Tax Cost is the amount of expenditure on the asset that is recognised for tax purposes, and
Accounting Cost is the amount capitalised in respect of expenditure on the asset.
(4)Subject to any adjustment required for tax purposes, the amount of the expenditure on the asset that is recognised for tax purposes is the same as the amount of expenditure on the asset capitalised by the company.
(5)The amount of the debit for tax purposes in respect of expenditure on an asset is, in a subsequent period of account:
where—
Accounting Loss is the amount of the loss recognised for accounting purposes,
Tax Value is the tax written down value of the asset immediately before the amortisation charge is made or, as the case may be, the impairment loss is recognised for accounting purposes, and
Accounting Value is the value of the asset recognised for accounting purposes immediately before the amortisation charge or, as the case may be, the impairment review.
(6)In this paragraph “capitalised” means capitalised for accounting purposes.
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