Income Tax (Trading and Other Income) Act 2005 section 148

Credits or debits arising from revaluation

Section 148 deals with the tax treatment of revaluation gains or losses on relevant telecommunication rights recognised in a trade's accounts under generally accepted accounting practice.

• Any revaluation amount for a relevant telecommunication right recognised in the trade's accounts under generally accepted accounting practice falls within this section, whether or not it appears in the profit and loss account.
• The revaluation amount is treated for income tax purposes as revenue in nature, not capital.
• The amount is brought into the profit calculation for the period of account in which it is recognised.
• Revaluations not made in accordance with generally accepted accounting practice fall outside this section and would not qualify for amortisation relief under section 147.