PART 8B

Trading profits taxable at the Northern Ireland rate
CHAPTER 8

Intangible fixed assets

Assets treated as pre-commencement assets

The pre-commencement status conditions
357ON
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.
Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1