Corporation Tax Act 2010 section 357OH

Pre-commencement asset

Section 357OH defines what counts as a "pre-commencement asset" for the purposes of the Northern Ireland rate provisions relating to intangible fixed assets.

• An intangible fixed asset is a "pre-commencement asset" if it was created before the commencement day specified in the Corporation Tax (Northern Ireland) Act 2015.
• The general rule treats an intangible fixed asset as created before the commencement day if it was held by anyone at any time before that day.
• Two exceptions to the general rule apply: one for goodwill and one for assets representing production expenditure on films.
• The definition of "pre-commencement asset" and "commencement day" applies throughout this chapter of the legislation.