Section 870A | Claims for relief made under sections 152 and 153 of TCGA 1992

(1)Subsection (2) applies where—

(a)a company has made a claim for relief under section 152 or 153 of TCGA 1992 (roll-over relief) during the period beginning with 1 April 2009 and ending with 19 March 2014, and

(b)the relief claimed relates to disposal proceeds that are applied in acquiring an intangible fixed asset within the meaning of this Part.

(2)The company is treated for the purposes of this Part as if the cost of the asset recognised for tax purposes were reduced on 19 March 2014 by the amount in respect of which the relief under section 152 or 153 of TCGA 1992 is given.

(3)But the effect of subsection (2) must not be to reduce the tax written-down value of the asset to below nil.

(4)The references to adjustments in sections 742(3) and 743(3) (assets written down) include any adjustment required by subsection (2).