Corporation Tax Act 2009

897 Application to pre-FA 2002 assets consisting of telecommunication rights

(1) This Part applies to a pre-FA 2002 asset consisting of a licence or other right within Chapter 10 of Part 2 of ITTOIA (certain telecommunication rights) (see section 146 of that Act).

(2) This Part applies in relation to such assets as if amounts brought into account for tax purposes under Schedule 23 to FA 2000 in accounting periods ending before 1 April 2002 had been so brought into account under this Part.

(3) This subsection applies if the asset—

(a) was acquired before the beginning of the first accounting period ending on or after 1 April 2002, and

(b) was a chargeable intangible asset immediately after the beginning of that period.

(4) If subsection (3) applies, the asset is treated for the purposes of Chapter 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 the first accounting period ending on or after 1 April 2002.