Asset becoming chargeable intangible assetU.K.
110(1)This paragraph applies where an asset becomes a chargeable intangible asset in relation to a company—
(a)on the company becoming resident in the United Kingdom, or
(b)in the case of a company that is not resident in the United Kingdom, on beginning to be held for the purposes of a trade carried on by it in the United Kingdom through a [F1permanent establishment], or
(c)on the asset ceasing to be held for the purposes of a mutual trade or business.
(2)Where this paragraph applies this Schedule has effect as if the company had acquired the asset, immediately after it became a chargeable intangible asset in relation to the company, for its accounting value at that time.
Textual Amendments
F1Words in Sch. 29 para. 110(1)(b) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(e)