Corporation Tax Act 2009 section 711

Overview of Part

Section 711 provides an overview and route map of Part 8 of the Corporation Tax Act 2009, which deals with how companies calculate and account for gains and losses on intangible fixed assets for corporation tax purposes.

• Part 8 establishes the framework for calculating and bringing into account a company's gains and losses on intangible fixed assets for corporation tax, operating by reference to the company's accounts and amounts recognised for accounting purposes
• Definitions of intangible fixed assets, accounting-related expressions, and rules about which assets fall within Part 8 are set out in sections 712 to 719, with excluded assets covered in Chapter 10 and pre-Finance Act 2002 assets covered in Chapter 16
• Chapter 6 is the central mechanism: it explains how credits and debits relating to trade assets feed into trading profit calculations, how non-trading credits and debits are aggregated into separate gains or losses, how resulting gains are charged to corporation tax on income, and how resulting losses receive tax relief
• Further chapters address specific situations including roll-over relief on reinvestment, group company transactions, business transfers, related party dealings, changes of accounting policy, goodwill-specific debits, pre-Finance Act 2002 asset debits, fungible assets, and insurance companies