Corporation Tax Act 2009 section 746

"Non-trading credits" and "non-trading debits"

Section 746 defines the terms "non-trading credits" and "non-trading debits" as they apply to intangible fixed assets for corporation tax purposes.

• Credits and debits on intangible fixed assets that are not linked to a trade, property business or certain other specified activities are classified as "non-trading" amounts
• Sections 747 to 749 cover assets held for trading purposes, property businesses and specific undertakings such as mines and transport — anything falling outside those categories is non-trading
• Certain debits relating to goodwill and other specific assets may be treated as non-trading debits under separate restriction rules, even if they might otherwise appear to be trading in nature
• Special rules also apply to insurance companies using the I minus E basis and to group elections that reallocate intangible asset charges between group members