Corporation Tax Act 2010 (c. 4)

[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.

357OK Fungible assets U.K.

(1) This section and section 357OL have effect for the purposes of this Chapter in relation to assets to which section 858 of CTA 2009 (treatment of fungible assets) applies.

(2) Section 858 of CTA 2009 applies as if—

(a) pre-commencement assets, and

(b) intangible fixed assets that are not pre-commencement assets,

were assets of different kinds.

(3) If section 858 of CTA 2009 applies (whether or not it is a case where subsection (2) has effect)—

(a) a single asset comprising pre-commencement assets is treated as itself being a pre-commencement asset, and

(b) a single asset comprising intangible fixed assets that are not pre-commencement assets is treated as itself being an asset which is not a pre-commencement asset.]