3

But subsection (2)(b) is subject to section 863A.

863AAsset becoming chargeable intangible asset: EU exit charge

1

This section applies if—

a

an asset becomes a chargeable intangible asset in relation to a company by reason of an event specified in section 863(1)(a) or (b), and

b

on the occurrence of that event the company becomes subject to an EU exit charge in respect of the asset.

2

This Part applies as if the company had acquired the asset for its market value at the time it became a chargeable intangible asset in relation to the company.

3

“EU exit charge” means a charge to tax under the law of a member State in accordance with Article 5(1) of Directive (EU) 2016/1164 of the European Parliament and of the Council of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market.