Corporation Tax Act 2009 section 900K

Fungible assets: pre-FA 2002 assets and restricted assets

Section 900K ensures that when fungible intangible fixed assets are pooled together under the rules in section 900J, assets with different tax histories are kept separate from one another.

• Pre-FA 2002 assets, restricted assets, and standard intangible fixed assets must be treated as different kinds of asset for fungible asset pooling purposes.
• This means each category forms its own separate pool, even though the underlying assets may be commercially identical.
• A pooled single asset made up entirely of one category inherits that category's tax status (e.g. a pool of pre-FA 2002 assets is itself treated as a pre-FA 2002 asset).
• The distinction preserves the correct tax treatment for each pool, reflecting the different regimes that apply to assets created or acquired before Finance Act 2002, restricted assets, and standard intangible fixed assets.