Section 751 Non-trading gains and losses

(1)

If there are non-trading credits or debits in an accounting period in respect of intangible fixed assets, the company's non-trading gain or loss on such assets in the period must be calculated.

(2)

There is a non-trading gain on intangible fixed assets in an accounting period if subsection (3) or (4) applies.

(3)

If in the accounting period—

(a)

there are non-trading credits, but

(b)

there are no non-trading debits,

there is a non-trading gain on intangible fixed assets equal to the sum of the credits.

(4)

If in the accounting period—

(a)

there are both non-trading credits and non-trading debits, and

(b)

the total non-trading credits exceed the total non-trading debits,

there is a non-trading gain on intangible fixed assets equal to the excess.

(5)

There is a non-trading loss on intangible fixed assets in an accounting period if subsection (6) or (7) applies.

(6)

If in the accounting period—

(a)

there are non-trading debits, but

(b)

there are no non-trading credits,

there is a non-trading loss on intangible fixed assets equal to the sum of the debits.

(7)

If in the accounting period—

(a)

there are both non-trading credits and non-trading debits, and

(b)

the total non-trading debits exceed the total non-trading credits,

there is a non-trading loss on intangible fixed assets equal to the excess.

(8)

For the treatment of non-trading gains and losses see—

(a)

section 752 (charge to tax on non-trading gains on intangible fixed assets), and

(b)

section 753 (treatment of non-trading losses).

Notes on Part 8

Modifications

C1: Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)
C2: Pt. 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)
C3: 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. 3
C4: 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)
C5: 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
C6: 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)
C7: Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)