Statute
Section 721 — Corporation Tax Act 2009: Receipts recognised as they accrue
Text of the provision Official document
Receipts recognised as they accrue 721 1 If in a period of account a gain representing a receipt in respect of an intangible fixed asset is recognised in determining the company's profit or loss, a corresponding credit must be brought into account for tax purposes.
2 The amount of the credit is the same as the amount of the gain recognised by the company for accounting purposes.
3 Subsection (2) is subject to any adjustments required by this Part or Part 4 of TIOPA 2010 (provision not at arm's length).
Official source: legislation.gov.uk
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