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

Assets treated as pre-FA 2002 assets U.K.

892 Certain assets acquired on transfer of business U.K.

(1) This section applies if—

(a) a company (“the transferor”) transfers to another company (“the transferee”) an asset that is a pre-FA 2002 asset in the hands of the transferor company,

(b) the transfer is one in relation to which the transferor is treated for the purposes of TCGA 1992 as disposing of the asset for a consideration that secures that neither a gain nor a loss accrues to it, and

(c) it is so treated because of a provision specified in subsection (2).

(2) The provisions are—

(a) section 139 of TCGA 1992 (reconstruction involving transfer of business),

(b) section 140A of that Act (transfer or division of UK business), and

(c) section 140E of that Act (merger leaving assets within UK tax charge).

(3) In the hands of the transferee the asset is treated for the purposes of this Part as a pre-FA 2002 asset.

(4) This section does not apply if the transfer mentioned in subsection (1) occurred before 28 June 2002.