PART 8B

Trading profits taxable at the Northern Ireland rate
CHAPTER 8

Intangible fixed assets

Assets treated as pre-commencement assets

Assets acquired in connection with disposals of pre-commencement assets
357OO
1
This section applies if—
a
a person disposes of an asset which—
i
in the case of an intangible fixed asset, is a pre-commencement asset, or
ii
in the case of any other asset, was created before the commencement day, and
b
a company acquires an intangible fixed asset directly or indirectly in consequence of the disposal or otherwise in connection with it.
2
The acquired asset is treated for the purposes of this Chapter as a pre-commencement asset in the company's hands.
3
For the purposes of this section a person “disposes of” an asset if—
a
for the purposes of
TCGA
1992, the person makes a part disposal of the asset or any other disposal of it,
b
in the case of an intangible fixed asset, there is for the purposes of Part 8 of CTA 2009 a realisation of the asset, or
c
the person grants a licence in respect of the asset.
4
For the purposes of this section it does not matter whether—
a
the asset that the person disposes of is the same asset as the acquired asset,
b
the acquired asset is acquired at the time of the disposal, or
c
the acquired asset is acquired by merging assets or otherwise.
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