Modifications etc. (not altering text)
C1Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)
C2Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
C3Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
C4Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
C5Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
C6Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
C7Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
Textual Amendments
F1Pt. 8 Ch. 15A inserted (with effect in accordance with Sch. 9 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 9 para. 6
(1)This section applies in respect of a relevant asset of a company if it is a pre-FA 2019 relevant asset.
(2)No debits in respect of the asset are to be brought into account by the company for tax purposes under Chapter 3 (debits in respect of intangible fixed assets) or Chapter 15 (adjustments on change of accounting policy).
(3)Any debit in respect of the asset that is brought into account by the company for tax purposes under Chapter 4 (realisation of intangible fixed assets) is treated for the purposes of Chapter 6 as a non-trading debit.
(4)Sections 879D to 879H set out the cases in which a relevant asset of a company is a pre-FA 2019 relevant asset for the purposes of this Chapter.
For the purposes of this Chapter a relevant asset of a company is a pre-FA 2019 relevant asset if—
(a)the company acquired or created the asset during the period beginning with 8 July 2015 and ending with 31 March 2019, and
(b)the asset was a chargeable intangible asset in relation to the company at any time during the period beginning with 29 October 2018 and ending with 31 March 2019.
(1)For the purposes of this Chapter a relevant asset of a company (“C”) is a pre-FA 2019 relevant asset if—
(a)another company acquired or created the asset during the period beginning with 8 July 2015 and ending with 31 March 2019,
(b)it was a chargeable intangible asset in relation to that other company at any time during the period beginning with 29 October 2018 and ending with 31 March 2019, and
(c)C acquired the asset on or after 1 April 2019 otherwise than in case A or case B from a person who was a related party in relation to C.
(2)Case A is where—
(a)C acquired the asset from a company that was within the charge to corporation tax at the time of the acquisition, and
(b)the asset was not a pre-FA 2019 relevant asset in the hands of that company immediately before the acquisition.
(3)Case B is where C acquired the asset from a person (“the intermediary”) who acquired the asset on or after 1 April 2019 from a third person—
(a)who was not at the time of the intermediary's acquisition a related party in relation—
(i)to the intermediary, or
(ii)if the intermediary was not a company, to a company in relation to which the intermediary was a related party, and
(b)who is not, at the time of the acquisition by C, a related party in relation to C.
(4)References in this section to one person being (or not being) a related party in relation to another person are to be read as including references to the participation condition being met (or, as the case may be not being met) as between those persons.
(5)References in subsection (4) to a person include a firm in a case where, for section 1259 purposes, references in this section to a company are read as references to the firm.
(6)In subsection (5) “section 1259 purposes” means the purposes of determining under section 1259 the amount of profits or losses to be allocated to a partner in a firm.
(7)Section 148 of TIOPA 2010 (when the participation condition is met) applies for the purposes of subsection (4) as it applies for the purpose of section 147(1)(b) of TIOPA 2010.
(1)For the purposes of this Chapter a relevant asset of a company (“C”) is a pre-FA 2019 relevant asset if—
(a)the relevant asset was created on or after 29 October 2018,
(b)C acquired the relevant asset on or after 1 April 2019 from a person (“the transferor”) who was a related party in relation to C at the time of the acquisition,
(c)the value of the relevant asset derives in whole or in part from another asset (“the other asset”), and
(d)the other asset meets the preserved status condition (see section 879G).
(2)But if only part of the value of the relevant asset derives from the other asset—
(a)the relevant asset is to be treated for the purposes of this Chapter as if it were two separate assets—
(i)one representing the part of the value of the relevant asset that does so derive, and
(ii)the other representing the part of the value of the relevant asset that does not so derive, and
(b)subsection (1) applies only in relation to the separate asset representing the part of the value of the relevant asset that does so derive.
(3)For the purposes of this section the cases in which the value of a relevant asset may be derived from another asset include any case where—
(a)assets have been merged or divided,
(b)assets have changed their nature, or
(c)rights or interests in or over assets have been created or extinguished.
(4)Section 879G supplements this section.
(1)For the purposes of section 879F the other asset meets the preserved status condition if subsection (2) or (3) applies.
(2)This subsection applies if the other asset—
(a)was acquired or created by a company during the period beginning with 8 July 2015 and ending with 31 March 2019, and
(b)was a chargeable intangible asset in the hands of that company at any time during the period beginning with 29 October 2018 and ending with 31 March 2019 when—
(i)that company and C were related parties, or
(ii)that company and the transferor were related parties.
(3)This subsection applies if the other asset was a pre-FA 2019 relevant asset in the hands of a company at any time during the period beginning with 1 April 2019 and ending with the acquisition mentioned in section 879F(1)(b) when—
(a)that company and C were related parties, or
(b)that company and the transferor were related parties.
(4)It does not matter for the purposes of section 879F(1)(a) who created the relevant asset.
(5)Any apportionment necessary for the purposes of section 879F(2) must be made on a just and reasonable basis.
(6)Section 879E(4) to (7) applies for the purposes of section 879F and this section.
(7)Expressions used in this section have the same meaning as in section 879F.
(1)For the purposes of this Chapter a relevant asset of a company is a pre-FA 2019 relevant asset if—
(a)the company acquired the asset on or after 1 April 2019 directly or indirectly in consequence of, or otherwise in connection with, a disposal of a relevant asset by another person, and
(b)the asset disposed of would have been a pre-FA 2019 relevant asset in the hands of the company had the person transferred it to the company at the time of the disposal.
(2)For the purposes of this section it does not matter whether—
(a)the asset disposed of is the same asset as the acquired asset,
(b)the acquired asset is acquired at the time of the disposal, or
(c)the acquired asset is acquired by merging assets or otherwise.]