Section 337A(2)(b) of ICTA
3434.Section 337A(2)(b) of ICTA is not rewritten because it only duplicates other provisions with the same effect.
3435.Section 337A(2)(b) of ICTA provides that no deduction shall be made in computing income for the purposes of corporation tax in respect of losses from intangible fixed assets which come within Schedule 29 of FA 2002 except in accordance with the rules of that Schedule. However section 337A(2)(b) achieves nothing that is not already achieved by the provisions of Schedule 29. Section 337A(2)(b) is expressed to apply in respect of “losses from intangible assets within Schedule 29”. Paragraph 1(2) of Schedule 29 states that the Schedule “also has effect for determining how a company’s losses in respect of intangible fixed assets are brought into account for the purposes of corporation tax”. And paragraph 1(3) of Schedule 29 states that, apart from specified exceptions, “… the amounts to be brought into account in accordance with this Schedule [29] in respect of any matter are the only amounts to be brought into account for the purposes of corporation tax in respect of that matter”.
