C1C4C3C5C7C2C6Part 8Intangible fixed assets
Pt. 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)
Pt. 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
Pt. 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)
Pt. 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
Pt. 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)
Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
Chapter 7Roll-over relief in case of realisation and reinvestment
When the relief is given
755Conditions relating to the old asset and its realisation
1
The old asset must have been a chargeable intangible asset of the company throughout the period during which it was held by the company (but see subsection (5)).
2
The proceeds of realisation of the old asset must exceed—
a
the cost of the asset,
b
in the case of a part realisation, the appropriate proportion of the cost of the asset (see section 759(1) and (2)), or
c
in the case of the realisation of an asset that has previously been the subject of a part realisation, the adjusted cost of the asset (see section 759(3)).
3
In subsection (2) “the cost of the asset” means the total capitalised expenditure on the asset recognised for tax purposes.
4
The condition in subsection (2) is met if the old asset has no cost as defined in subsection (3).
5
Subsection (6) applies if the old asset was a chargeable intangible asset of the company—
a
at the time of its realisation, and
b
for a substantial proportion of the period during which it was held by the company, but not for the whole of that period.
6
The same proportion of the asset is treated for the purposes of this Chapter as if it were a separate asset in relation to which the condition in subsection (1) was wholly met.
7
Any apportionment necessary for the purposes of subsections (5) and (6) must be made on a just and reasonable basis.
Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)