Part 8Intangible fixed assets
Chapter 16Pre-FA 2002 assets etc
General rule
882Application of this Part to assets created or acquired on or after 1 April 2002
(1)
The general rule is that this Part applies only to intangible fixed assets of a company (“the company”) that—
(a)
are created by the company on or after 1 April 2002,
(b)
are acquired by the company on or after that date from a person who at the time of the acquisition is not a related party in relation to the company, or
(c)
are acquired by the company on or after that date in case A, B or C from a person who at the time of the acquisition is a related party in relation to the company.
(2)
For provisions explaining when assets are treated as created or acquired, see sections 883 to 889.
(3)
Case A is where the asset is acquired from a company in relation to which the asset was a chargeable intangible asset immediately before the acquisition.
(4)
Case B is where the asset is acquired from a person (“the intermediary”) who acquired the asset on or after 1 April 2002 from a third person—
(a)
who was not at the time of the intermediary's acquisition a related party in relation—
(i)
to the intermediary, or
(ii)
if the intermediary was not a company, to a company in relation to which the intermediary was a related party, and
(b)
who is not, at the time of the acquisition by the company, a related party in relation to the company.
(5)
Case C is where the asset was created on or after 1 April 2002 by the person from whom it is acquired or any other person.
(6)
The general rule in subsection (1) is subject to—
(a)
section 890 (fungible assets: application of section 858),
(b)
section 892 (certain assets acquired on transfer of a business),
(c)
section 893 (assets whose value derives from pre-FA 2002 assets),
(d)
section 895 (assets acquired in connection with disposals of pre-FA 2002 assets),
(e)
section 897 (application to pre-FA 2002 assets consisting of telecommunication rights),
(f)
sections 898 and 899 (application of roll-over relief in relation to some pre-FA 2002 assets), and
(g)
section 905 (pre-FA 2002 assets: Lloyd's syndicate capacity).
(7)
This section does not restrict the application of this Part in accordance with section 896 (application to royalties) (but see section 896(3)).