Section 761 — Corporation Tax Act 2009: Declaration of provisional entitlement to relief

Declaration of provisional entitlement to relief 761 1 A company realising an intangible fixed asset may make a declaration of provisional entitlement to relief under this Chapter.

2 While the declaration continues in force, this Chapter applies as if the conditions for relief under this Chapter were met.

3 A declaration of provisional entitlement is a declaration by the company, in its company tax return for the accounting period in which the realisation takes place, that the company—

a has realised an intangible fixed asset, b proposes to meet the conditions for relief under this Chapter, and c accordingly is provisionally entitled to relief of a specified amount.

4 A declaration of provisional entitlement ceases to have effect if or to the extent that—

a it is withdrawn, or b it is superseded by a claim for relief under this Chapter.

5 So far as not previously withdrawn or superseded, a declaration of provisional entitlement ceases to have effect 4 years after the end of the accounting period in which the realisation took place.

6 If a declaration of provisional entitlement ceases to have effect, in whole or in part, all necessary adjustments must be made, by assessment or otherwise.

7 Subsection (6) applies despite any limitation on the time within which assessments or amendments may be made.