F1PART 8BTrading profits taxable at the Northern Ireland rate
CHAPTER 8Intangible fixed assets
Assets treated as pre-commencement assets
357ONThe pre-commencement status conditions
(1)
For the purposes of section 357OM(1) the other asset meets the pre-commencement status conditions if—
(a)
it was created before the commencement day, or
(b)
on or after the commencement day the other asset has been a pre-commencement asset in the hands of the transferor or any other person.
(2)
Any apportionment necessary for the purposes of section 357OM(3) must be made on a just and reasonable basis.
(3)
Sections 357OH(4), 357OI and 357OJ (provisions explaining when assets are treated as created) apply for the purposes of section 357OM as they apply for the purposes of section 357OH(1).
(4)
Expressions used in this section have the same meaning as in section 357OM.