Core computational rules: taxable credits: introduction
CTA09/PART8 CHAPTER 2
Lay-out of guidance
This section of the Manual explains how to compute taxable credits under Part 8. For the credits derived from the various types of accounting entry identified in CIRD12280 see the following paragraphs:
- ‘accounting gains’ (see CIRD12210) in respect of receipts taken to the profit and loss account as they accrue - see CIRD13020 onwards
- accounting gains in respect of the revaluation of an asset - see CIRD13050 onwards
- accounting gains in respect of ‘negative goodwill’ referable to intangible assets - see CIRD13080
- accounting gains in respect of the reversal of previous accounting losses which led to deductible debits - see CIRD13090
Guidance on taxable credits that may arise on a change in accounting policy is provided at CIRD12300 onwards.
See CIRD13210 onwards for the calculation of the taxable credit or deductible debit on the realisation of an asset. Where receipts can be brought to account both as the proceeds of realisation of an asset under these rules and as receipts within (a) above, the realisation rules take priority.
See also CIRD12670 where a company recognises an accounting gain in respect of an unpaid debt.