SCHEDULES

SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc

PART 3Commencement and transitional provisions

45Transitional provisions

1

This paragraph applies if on the commencement date—

a

an asset held by a non-UK resident company for the purposes of its UK property business becomes a chargeable intangible asset in relation to the company by reason of the business coming within the charge to corporation tax, or

b

an asset held by a non-UK resident company for the purposes of enabling it to generate other UK property income becomes a chargeable intangible asset in relation to the company by reason of that income coming within the charge to corporation tax.

2

Part 8 of CTA 2009 applies as if—

a

the company had acquired the asset immediately on the commencement date, and

b

had done so for its accounting value at that time.

3

In this paragraph—

  • “accounting value” and “chargeable intangible asset” have the meaning they have in Part 8 of CTA 2009, and

  • “other UK property income” has the meaning it has in Part 2 of CTA 2009.