Valid from 01/04/2009
863Asset becoming chargeable intangible assetU.K.
This section has no associated Explanatory Notes
(1)This section applies if an asset becomes a chargeable intangible asset in relation to a company—
(a)on the company becoming UK resident,
(b)in the case of a company that is not UK resident, on the asset beginning to be held for the purposes of a trade carried on by the company in the United Kingdom through a permanent establishment, or
(c)on the asset ceasing to be held for the purposes of a mutual trade or business.
(2)This Part applies as if—
(a)the company had acquired the asset immediately after it became a chargeable intangible asset in relation to the company, and
(b)had done so for its accounting value at that time.