Corporation Tax Act 2009 section 862

Treatment of postponed gain in other cases

Section 862 dealt with how a postponed intangible fixed asset gain was treated in circumstances other than those covered by sections 860 and 861, but this provision has been repealed for companies ceasing UK residence on or after 1 January 2020.

• Section 862 was part of a group of provisions (sections 860–862) addressing the treatment of postponed gains on intangible fixed assets when a company ceased to be UK resident.
• The section covered scenarios not already addressed by sections 860 (asset remaining chargeable) or 861 (asset ceasing to be chargeable), providing a residual rule for other cases involving postponed gains.
• All three sections (860–862) were repealed by Finance Act 2019, section 23 and Schedule 8, paragraph 10(1), as part of a modernisation of the corporation tax exit charge regime.
• The repeal takes effect where section 859 applies to a company by reason of its ceasing to be resident in the United Kingdom on or after 1 January 2020.