C1C4C3C5C7C2C6Part 8Intangible fixed assets
Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
C2Chapter 14Miscellaneous provisions
Values to be used in special cases
857Deemed market value acquisition: adjustment where nil accounting value
1
This section applies if—
a
a company is treated for the purposes of this Part as acquiring an asset at market value, but
b
the accounting value of the asset transferred is nil in the hands of the transferee.
2
In such a case any reference in this Part to—
a
the cost of the asset recognised for accounting purposes,
b
the accounting value of the asset, or
c
any loss recognised for accounting purposes in respect of capitalised expenditure on the asset,
is a reference to the cost, value or loss that would have been recognised if the asset had been acquired at market value.
3
If the asset is revalued, the revaluation is ignored.
4
In this section “revaluation” has the same meaning as in section 723 (see subsection (5) of that section) and “revalued” must be read accordingly.
Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)