Part 8

Intangible fixed assets
Chapter 16

Pre-FA 2002 assets etc

Assets treated as pre-FA 2002 assets

Certain assets acquired on transfer of business
892
1
This section applies if—
a
a company (“the transferor”) transfers to another company (“the transferee”) an asset that is a pre-FA 2002 asset in the hands of the transferor company,
b
the transfer is one in relation to which the transferor is treated for the purposes of TCGA 1992 as disposing of the asset for a consideration that secures that neither a gain nor a loss accrues to it, and
c
it is so treated because of a provision specified in subsection (2).
2
The provisions are—
a
section 139 of TCGA 1992 (reconstruction involving transfer of business),
b
section 140A of that Act (transfer or division of UK business), and
c
section 140E of that Act (merger leaving assets within UK tax charge).
3
In the hands of the transferee the asset is treated for the purposes of this Part as a pre-FA 2002 asset.
4
This section does not apply if the transfer mentioned in subsection (1) occurred before 28 June 2002.