Corporation Tax Act 2009

[F1 879F Pre-FA 2019 relevant asset: the third case U.K.

(1) For the purposes of this Chapter a relevant asset of a company (“C”) is a pre-FA 2019 relevant asset if—

(a) the relevant asset was created on or after 29 October 2018,

(b) C acquired the relevant asset on or after 1 April 2019 from a person (“the transferor”) who was a related party in relation to C at the time of the acquisition,

(c) the value of the relevant asset derives in whole or in part from another asset (“the other asset”), and

(d) the other asset meets the preserved status condition (see section 879G).

(2) But if only part of the value of the relevant asset derives from the other asset—

(a) the relevant asset is to be treated for the purposes of this Chapter as if it were two separate assets—

(i) one representing the part of the value of the relevant asset that does so derive, and

(ii) the other representing the part of the value of the relevant asset that does not so derive, and

(b) subsection (1) applies only in relation to the separate asset representing the part of the value of the relevant asset that does so derive.

(3) For the purposes of this section the cases in which the value of a relevant asset may be derived from another asset include any case where—

(a) assets have been merged or divided,

(b) assets have changed their nature, or

(c) rights or interests in or over assets have been created or extinguished.

(4) Section 879G supplements this section.]

Textual Amendments

F1 Pt. 8 Ch. 15A inserted (with effect in accordance with Sch. 9 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 9 para. 6