Part 8

Intangible fixed assets
Chapter 16

Pre-FA 2002 assets etc

Roll-over relief for disposals of pre-FA 2002 assets

Relief where assets disposed of on or after 1 April 2002
898
1
This section applies if a company disposes of a pre-FA 2002 asset on or after 1 April 2002.
2
Chapter 7 (roll-over relief in case of realisation and reinvestment) applies as if—
a
references to the realisation of the old asset were references to its disposal,
b
references to its being a chargeable intangible asset were references to its being a chargeable asset within TCGA 1992 (see section 900),
c
references to the proceeds of its realisation were references to the net proceeds of disposal under that Act (see subsection (3)), and
d
references to its cost recognised for tax purposes were references to the cost under that Act (see subsection (4)).
3
For the purposes of subsection (2)(c) the net proceeds of disposal under TCGA 1992 are taken to be the amount or value of the consideration for the disposal, less any incidental costs of making the disposal that would be allowable as a deduction under section 38(1)(c) of that Act.
4
For the purposes of subsection (2)(d) the cost under TCGA 1992 is taken to be an amount equal to the difference between—
a
the net proceeds of disposal (as defined in subsection (3)), and
b
the amount of the chargeable gain on the disposal.
5
Section 850 (part realisation involving related party acquisition: exclusion of roll-over relief) does not apply in a case where Chapter 7 applies because of this section.
6
References in this section to the disposal of an asset have the same meaning as in TCGA 1992.
Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)
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 (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 (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 (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 (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
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