Section 749 — Corporation Tax Act 2009: Assets held for purposes of mines, transport undertakings, etc

Assets held for purposes of mines, transport undertakings, etc 749 1 This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the purposes of a concern listed in section 39(4) (mines, quarries and other concerns) that is carried on by it in that period.

2 The credits are given effect by treating them as receipts of the concern in calculating the profits of the concern under Part 3 (trading income).

3 The debits are given effect by treating them as expenses of the concern in calculating the profits of the concern under that Part.