IntroductoryU.K.
745IntroductionU.K.
(1)Credits and debits to be brought into account for tax purposes under this Part are given effect in accordance with this Chapter.
(2)Credits and debits in respect of assets held for the purposes mentioned in any of the following sections are given effect in accordance with that section—
(a)section 747 (assets held for purposes of trade),
(b)section 748 (assets held for purposes of property business),
(c)section 749 (assets held for purposes of mines, transport undertakings, etc).
(3)Credits and debits in respect of intangible fixed assets that are not within sections 747 to 749 are dealt with in accordance with sections 751 to 753.
(4)This section is subject to section 901 (effect of application of the I minus E basis: non-trading amounts).
746“Non-trading credits” and “non-trading debits”U.K.
(1)In this Part credits and debits in respect of intangible fixed assets that are not within sections 747 to 749 are referred to respectively as “non-trading credits” and “non-trading debits”.
(2)See also—
(a)section 781(5) (character of credits and debits brought into account as a result of section 780),
(b)section 792(5) (reallocation of charge within group), and
(c)[F1section 901] (insurance companies: effect of application of the I minus E basis: non-trading amounts).
Textual Amendments
F1Words in s. 746(2)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 173