http://www.legislation.gov.uk/ukpga/2009/4/section/723Corporation Tax Act 2009An Act to restate, with minor changes, certain enactments relating to corporation tax; and for connected purposes.texttext/xmlenStatute Law Database2026-04-18Expert Participation2026-04-01 Part 8Intangible fixed assetsChapter 2Credits in respect of intangible fixed assetsRevaluation7231If in a period of account there is an increase in the accounting value of an intangible fixed asset on a revaluation, a credit must be brought into account for tax purposes.2The amount of the credit is the lesser of—athe amount corresponding for tax purposes to the increase (see subsection (3)), andbthe net total of relevant previous tax debits (see subsection (4)).3The amount corresponding for tax purposes to the increase is—I×WDVAVwhere—I is the increase,WDV is the tax written-down value of the asset immediately before the revaluation, andAV is the accounting value of the asset by reference to which the revaluation is carried out.4The net total of relevant previous tax debits is—D-Cwhere—D is the total debits previously brought into account for tax purposes in respect of the asset, andC is the total credits so brought into account.5For the purposes of this section “revaluation” includes—athe valuation of an asset for which a value is shown in the company's balance sheet, but which has not previously been the subject of a valuation, andbthe restoration of past losses.6This section does not apply to an asset in respect of which an election has been made under section 730 (writing down at fixed rate: election for fixed-rate basis).
Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5