Corporation Tax Act 2009 section 860

Asset ceasing to be chargeable intangible asset: postponement of gain

Section 860 previously allowed companies to postpone a taxable gain when an intangible asset ceased to be a chargeable intangible asset, but this provision has been repealed for companies ceasing UK residence from 1 January 2020 onwards.

• Section 860 was part of a group of provisions (sections 860–862) dealing with the postponement of gains arising when an intangible asset stopped being a chargeable intangible asset.
• These sections were repealed by Finance Act 2019, section 23 and Schedule 8, paragraph 10(1).
• The repeal takes effect where a company ceases to be resident in the United Kingdom on or after 1 January 2020.
• For any company that ceased UK residence before 1 January 2020, the original postponement rules under section 860 would still have applied to that earlier event.