Corporation Tax Act 2010 section 608

References to assets

Section 608 defines what constitutes an "asset" for the purposes of the Real Estate Investment Trust (REIT) rules, explains when assets are treated as being used in a company's business, and clarifies when an asset is considered "involved" in a business.

• An "asset" includes not only whole assets but also parts of assets, interests in assets, and rights relating to assets.
• Assets "used in a company's business" covers assets acquired for that business but not currently used elsewhere, assets available for use, and assets otherwise held in connection with or associated with that business.
• An asset is "involved" in a business if it falls within the description of property involved in the business as set out in section 529(4)(a), which relates to the conditions for a property rental business.
• These definitions apply throughout Part 12 of the Corporation Tax Act 2010, which governs the REIT regime.