Section 730 — Corporation Tax Act 2009: Writing down at fixed rate: election for fixed-rate basis

Writing down at fixed rate: election for fixed-rate basis 730 1 A company may elect to write down the cost of an intangible fixed asset for tax purposes at a fixed rate.

2 The election may be made whether or not the asset is written down for accounting purposes.

3 The election may only be made—

a in writing, b to an officer of Revenue and Customs, and c not later than 2 years after the end of the accounting period in which the asset is created or acquired by the company.

4 The election applies to all expenditure on the asset that is capitalised for accounting purposes.

5 The election is irrevocable.