SCHEDULES
C1C2SCHEDULE 29Gains and losses of a company from intangible fixed assets
Sch. 29 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 28 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
Part 13Supplementary provisions
108Asset ceasing to be chargeable intangible asset: deemed realisation at market value
1
Where an asset ceases to be a chargeable intangible asset in relation to a company—
a
on the company ceasing to be resident in the United Kingdom, or
b
in the case of a company that is not resident in the United Kingdom, in any circumstances not involving the realisation of the asset by the company, or
c
on the asset beginning to be held for the purposes of a mutual trade or business,
this Schedule has effect as if the company had, immediately before the asset ceased to be a chargeable intangible asset in relation to it, realised the asset for its market value at that time and immediately reacquired it at that value.
2
Sub-paragraph (1) has effect subject to paragraph 109 (postponement of gain in certain cases).
Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6