[F1 PART 8B U.K. Trading profits taxable at the Northern Ireland rate

Textual Amendments

F1 Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

CHAPTER 8 U.K. Intangible fixed assets

Pre-commencement assets U.K.

357OH Pre-commencement asset U.K.

(1) An intangible fixed asset is a “pre-commencement asset” if it was created before the commencement day.

(2) “The commencement day” has the meaning given by section 5(4) of the Corporation Tax (Northern Ireland) Act 2015.

(3) Subsections (1) and (2) have effect for the purposes of this Chapter.

(4) The general rule is that intangible fixed assets are treated for the purposes of subsection (1) as having been created before the commencement day if they were held (by the company or another person) at any time before that day.

(5) The general rule is subject to the following provisions—

(a) section 357OI (goodwill);

(b) section 357OJ (assets representing production expenditure on films).]