Section 751 — Corporation Tax Act 2009: Non-trading gains and losses

Non-trading gains and losses 751 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).