Corporation Tax Act 2009

Introductory

800 Introduction

(1) This Chapter provides for the exclusion from this Part of certain assets.

(2) This Chapter provides for 3 kinds of exclusion—

(a) assets within sections 803 to 809 are wholly excluded from this Part,

(b) assets within sections 810 to 813 are excluded from this Part except as respects royalties, and

(c) assets within section 814 or 815 are excluded from this Part to the extent specified in that section.

(3) For further rules about the exclusion of assets from this Part, see—

(a) Chapter 16 (pre-FA 2002 assets etc), and

(b) section 902 (assets held by a life insurance company for the purposes of its life assurance business).

801 Right to dispose of or acquire excluded asset also excluded

So far as an asset of any description is excluded from this Part by this Chapter, an option or other right to acquire or dispose of an asset of that description is similarly excluded.

802 Effect of partial exclusion

(1) If because of any of sections 803 to 815 an asset is excluded to the extent that—

(a) it represents particular rights,

(b) it is an asset of a particular description,

(c) it is held for particular purposes, or

(d) it represents expenditure of a particular kind,

this Part applies as if there were a separate asset representing so much of the asset as is not so excluded.

(2) The other provisions of the Corporation Tax Acts apply as if there were a separate asset representing so much of the asset as is excluded.

(3) Any apportionment necessary for the purposes of this section must be made on a just and reasonable basis.