791Application of roll-over relief in relation to degrouping chargeU.K.
(1)Chapter 7 (roll-over relief in case of realisation and reinvestment) applies with the modifications specified in subsections (2) to (4) if a company is treated as having realised an asset as a result of section 780 or 785 (degrouping).
(2)In section 755 (conditions relating to the old asset), for the references to the old asset being a chargeable intangible asset in relation to the company substitute references to its being a chargeable intangible asset in relation to the transferor.
(3)In section 756(1) (conditions relating to expenditure on other assets), for the references to the date of realisation of the old asset substitute—
(a)in a case within section 780, references to the date on which the transferee ceased to be a member of the group, and
(b)in a case within section 785, references to the date on which the transferee ceased to meet the qualifying condition.
(4)For references in Chapter 7 to the proceeds of realisation substitute references to the amount for which the transferee is treated as having realised the asset.
(5)A reduction of that amount as a result of a claim for relief under Chapter 7 does not affect the value at which the company is treated as having reacquired the asset.
(6)In this section “the transferee” and “the transferor” have the same meaning as in section 780.