C1C3Part 8Intangible fixed assets

Annotations:
Modifications etc. (not altering text)
C3

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)

C1Chapter 16Pre-FA 2002 assets etc

General rule

C2C1882C1Application of this Part to assets created or acquired on or after 1 April 2002

1

The general rule is that this Part applies only to intangible fixed assets of a company (“the company”) that—

a

are created by the company on or after 1 April 2002,

b

are acquired by the company on or after that date from a person who at the time of the acquisition is not a related party in relation to the company, or

c

are acquired by the company on or after that date in case A, B or C from a person who at the time of the acquisition is a related party in relation to the company.

2

For provisions explaining when assets are treated as created or acquired, see sections 883 to 889.

3

Case A is where the asset is acquired from a company in relation to which the asset was a chargeable intangible asset immediately before the acquisition.

4

Case B is where the asset is acquired from a person (“the intermediary”) who acquired the asset on or after 1 April 2002 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 the company, a related party in relation to the company.

5

Case C is where the asset was created on or after 1 April 2002 by the person from whom it is acquired or any other person.

6

The general rule in subsection (1) is subject to—

a

section 890 (fungible assets: application of section 858),

b

section 892 (certain assets acquired on transfer of a business),

c

section 893 (assets whose value derives from pre-FA 2002 assets),

d

section 895 (assets acquired in connection with disposals of pre-FA 2002 assets),

e

section 897 (application to pre-FA 2002 assets consisting of telecommunication rights),

f

sections 898 and 899 (application of roll-over relief in relation to some pre-FA 2002 assets), and

g

section 905 (pre-FA 2002 assets: Lloyd's syndicate capacity).

7

This section does not restrict the application of this Part in accordance with section 896 (application to royalties) (but see section 896(3)).