C1C2Part 8Intangible fixed assets

Annotations:
Modifications etc. (not altering text)
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)

C1Chapter 16Pre-FA 2002 assets etc

Assets treated as pre-FA 2002 assets

895Assets acquired in connection with disposals of pre-FA 2002 assets

1

This section applies if—

a

a person disposes of an asset which is a pre-FA 2002 asset in the person's hands at the time of the disposal,

b

a company acquires an intangible fixed asset directly or indirectly in consequence of the disposal or otherwise in connection with it,

c

the company and the person are related parties at the time of the disposal, and

d

the acquired asset would be a chargeable intangible asset in the hands of the company at the time of the acquisition apart from this section.

2

The acquired asset is treated for the purposes of this Part as a pre-FA 2002 asset in the company's hands.

3

For the purposes of this section—

a

“asset”, in relation to any disposal, means any asset for the purposes of TCGA 1992,

b

a person “disposes of” an asset if, for the purposes of that Act, the person makes a part disposal of the asset or any other disposal of it, and

c

the time at which a disposal of an asset is made is the time at which it is made for the purposes of that Act.

4

For the purposes of this section it does not matter whether—

a

the asset that the person disposes of is the same asset as the acquired asset,

b

the acquired asset is acquired at the time of the disposal, or

c

the acquired asset is acquired by merging assets or otherwise.