C1C4C3C5C7C2C6Part 8Intangible fixed assets

Annotations:
Modifications etc. (not altering text)
C4

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)

C5

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)

C2

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)

C6

Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)

C2Chapter 14Miscellaneous provisions

Assets ceasing to be or becoming chargeable intangible assets

863Asset becoming chargeable intangible asset

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 heldF1—

i

for the purposes of a trade carried on by the company in the United Kingdom through a permanent establishment,

F3ii

for the purposes of a trade carried on by the company of dealing in or developing UK land,

iii

for the purposes of a UK property business carried on by the company, or

iv

for the purposes of enabling the company to generate other UK property income (within the meaning given by section 5(6)), 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.

F23

But subsection (2)(b) is subject to section 863A.