Corporation Tax Act 2009 section 900

Meaning of "chargeable asset within TCGA" in sections 898 and 899

Section 900 defines what constitutes a "chargeable asset" for the purposes of the transitional relief provisions in sections 898 and 899, which deal with pre-Finance Act 2002 intangible fixed assets.

• An asset is a chargeable asset if any gain on its disposal would be a chargeable gain under the Taxation of Chargeable Gains Act 1992
• The company must either be UK resident or, if non-resident, have a UK permanent establishment through which the gain would be subject to corporation tax
• Double tax relief must not be available to the company in respect of the asset — meaning the company must not be treated under a tax treaty as exempt from UK tax on any gain from its disposal
• References to disposal of an asset carry the same meaning as they do under the chargeable gains legislation