Corporation Tax Act 2009 (c. 4)

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)

Chapter 16 U.K. Pre-FA 2002 assets etc

When assets are treated as created or acquired U.K.

883 Assets treated as created or acquired when expenditure incurred U.K.

(1) This section—

(a) applies for the purposes of section 882 (application of this Part to assets created or acquired on or after 1 April 2002), and

[F1 (b) has effect subject to the provisions specified in subsection (2).]

(2) The provisions referred to in subsection (1)(b) are—

(a) section 884 (F2 ... goodwill: time of creation),

(b) section 885 ([F3 assets representing non-qualifying expenditure]: time of creation), and

(c) section 886 (assets representing production expenditure on films: time of creation).

(3) An intangible asset F4 ... is treated as created or acquired on or after 1 April 2002 so far as expenditure on its creation or acquisition is incurred on or after that date.

(4) As to whether expenditure on the creation or acquisition of the asset is incurred on or after 1 April 2002, see sections 887 to 889.

(5) If only part of the expenditure on the creation or acquisition of the asset is incurred on or after 1 April 2002—

(a) this Part applies as if there were a separate asset representing the expenditure so incurred, and

(b) the alternative enactments apply as if there were a separate asset representing the expenditure not so incurred.

(6) In subsection (5) “the alternative enactments” means the enactments that apply where this Part does not apply.

(7) Any apportionment necessary for the purposes of subsection (5) must be made on a just and reasonable basis.

Textual Amendments

F1 S. 883(1)(b) substituted (with effect in accordance with s. 70(7)(8) of the amending Act) by Finance Act 2009 (c. 10), s. 70(4)(a)

F2 Words in s. 883(2)(a) omitted (with effect in accordance with s. 70(7)(8) of the amending Act) by virtue of Finance Act 2009 (c. 10), s. 70(4)(b)

F3 Words in s. 883(2)(b) substituted (with effect in accordance with s. 70(7)(8) of the amending Act) by Finance Act 2009 (c. 10), s. 70(4)(c)

F4 Words in s. 883(3) omitted (with effect in accordance with s. 70(7)(8) of the amending Act) by virtue of Finance Act 2009 (c. 10), s. 70(4)(d)