Explanatory Notes

Commentary on Sections

Part 8: Intangible fixed assets

Overview

Chapter 6: How credits and debits are given effect

Section 747: Assets held for purposes of trade

2035.This section incorporates the credits and debits directly into the trade profit calculation if the intangible fixed asset is held for the purposes of a trade. It is based on paragraph 31 of Schedule 29 to FA 2002.