Application of Schedule to certain existing telecommunication rightsU.K.
128(1)This Schedule applies to an existing asset consisting of a licence or other right within Schedule 23 to the Finance Act 2000 (c. 17) (certain telecommunication rights).
(2)This Schedule has effect in relation to the asset—
(a)as regards amounts to be brought into account for tax purposes in accounting periods ending after commencement, and
(b)as if amounts brought into account for tax purposes in earlier accounting periods under Schedule 23 to the Finance Act 2000 (c. 17) had been so brought into account under this Schedule.
(3)If the asset—
(a)was acquired before the beginning of the first accounting period to which this Schedule applies in relation to it, and
(b)is a chargeable intangible asset immediately after the beginning of that period,
it shall be treated for the purposes of Part 7 (roll-over relief on realisation and reinvestment) as if it had been a chargeable intangible asset at all material times between its acquisition and the beginning of that period.
(4)Schedule 23 to the Finance Act 2000 shall cease to have effect for the purposes of corporation tax as regards accounting periods ending after commencement.