# Income Tax (Trading and Other Income) Act 2005, Section 148: Credits or debits arising from revaluation


(1) This section applies if, in accordance with generally accepted accounting practice, an amount in respect of the revaluation of a relevant telecommunication right is recognised in the accounts of a trade (whether or not as an item in the calculation of profit or loss).
(2) The amount is treated for income tax purposes as an item of a revenue nature.
(3) In calculating the profits of the trade, the amount is brought into account for the period of account in which it is recognised.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/148 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-148
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.