Corporation Tax Act 2009 section 749

Assets held for purposes of mines, transport undertakings, etc.

Section 749 explains how intangible fixed asset credits and debits are treated when the asset is held for the purposes of a mine, quarry, or similar concern listed in section 39(4) of the Act.

• Applies where intangible fixed asset credits or debits arise in an accounting period for an asset held for a mine, quarry, or other concern listed in section 39(4)
• Credits are treated as trading receipts of the concern when calculating its profits under Part 3 (trading income)
• Debits are treated as trading expenses of the concern when calculating its profits under Part 3 (trading income)
• The effect is to incorporate intangible asset gains and costs directly into the profit calculation of the relevant business