Part 8 U.K.Intangible fixed assets

Modifications etc. (not altering text)

C1 Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)

C2 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)

C3 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

C4 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)

C5 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

C6 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)

C7 Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)

Chapter 14 U.K.Miscellaneous provisions

Assets ceasing to be or becoming chargeable intangible assets U.K.

863 Asset becoming chargeable intangible asset U.K.

(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[F1 —

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

[F2 (ii) 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.

[F3 (3) But subsection (2)(b) is subject to section 863A.]

Textual Amendments

F1 Words in s. 863(1)(b) renumbered as s. 863(1)(b)(i) (6.4.2020) by virtue of Finance Act 2019 (c. 1), Sch. 5 paras. 27(a), 35 (with Sch. 5 para. 36)

F2 S. 863(1)(b)(ii)-(iv) inserted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 27(b), 35 (with Sch. 5 para. 36)

F3 S. 863(3) inserted (with effect in accordance with Sch. 8 para. 12(4) of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 12(2)