Intangible assets within CTA09/PART8: FA02 rule: asset acquired on or after 1 April 2002 from a related party in qualifying circumstances: outline
CTA09/PART8/S882 (1)(c) and (3) - (5) - Outline
In certain circumstances an intangible fixed asset ‘acquired on or after 1 April 2002’ by a company may also satisfy the general conditions (CIRD11520) even though the transferor was a related party at the time of the acquisition. To do so one of the following must apply:
- the asset was acquired from a company in whose hands the asset was already within CTA09/PART8 (see CIRD11630)
- the asset was acquired from a person who in turn acquired the asset on or after 1 April 2002 from a sufficiently unrelated transferor (see CIRD11640)
- the asset was ‘created (by anybody) on or after 1 April 2002’ (see CIRD11650)
See CIRD45105 onwards for the meaning of ‘related party’.