Section 863A | Asset 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.