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)

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

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

893 Assets whose value derives from pre-FA 2002 assets U.K.

(1) This section applies if—

(a) on or after 1 April 2002 a company (“the acquiring company”) acquires an intangible fixed asset (“the acquired asset”) from a person (“the transferor”),

(b) the acquired asset is created on or after 1 April 2002,

(c) at the time of the acquisition the transferor and the acquiring company are related parties,

(d) the value of the acquired asset derives in whole or in part from any other asset (“the other asset”), and

(e) the other asset meets the preserved status conditions (see section 894).

(2) In the hands of the acquiring company the acquired asset is treated for the purposes of this Part as a pre-FA 2002 asset so far as its value derives from the other asset.

(3) If only part of the value of the acquired asset derives from the other asset—

(a) this Part applies as if there were a separate asset representing the part of the value that does not so derive, and

(b) the alternative enactments apply as if there were a separate asset representing the part of the value that does so derive.

(4) In subsection (3) “the alternative enactments” means the enactments that apply where this Part does not apply.

(5) For the purposes of this section the cases in which the value of an asset may be derived from any other asset include any case where—

(a) assets have been merged or divided,

(b) assets have changed their nature, or

(c) rights or interests in or over assets have been created or extinguished.

(6) Section 894 supplements this section.