Corporation Tax Act 2010 section 357ON

The pre-commencement status conditions

Section 357ON defines the conditions under which an intangible fixed asset is treated as having pre-commencement status, for the purposes of determining how assets whose value derives from pre-commencement assets are handled under the Northern Ireland rate provisions.

• An asset meets the pre-commencement status conditions if it was created before the commencement day, or if it has at any point on or after commencement day been a pre-commencement asset in the hands of the transferor or any other person.
• Where it is necessary to apportion value between pre-commencement and post-commencement elements, the apportionment must be made on a just and reasonable basis.
• The rules that determine when an asset is treated as having been created (including specific rules for goodwill and film production expenditure) apply equally in this context.
• All terms used in this section carry the same meaning as in the parent provision dealing with assets whose value derives from pre-commencement assets.