Section 900B | When an intangible fixed asset is a restricted asset: the first case

(1)An intangible fixed asset of a company is a restricted asset if—

(a)the company acquired the asset on or after 1 July 2020,

(b)the company acquired the asset from a person who at the time of the acquisition was a related party in relation to the company, and

(c)the asset is within subsection (2) or (3).

(2)The asset is within this subsection if—

(a)the asset was a pre-FA 2002 asset in the hands of any company on 1 July 2020, and

(b)at no time on or after 1 July 2020 has the asset been the subject of a relieving acquisition.

(3)The asset is within this subsection if—

(a)the asset was created before 1 April 2002,

(b)immediately before 1 July 2020 the asset was held by a person other than a company, and

(c)at no time on or after 1 July 2020 has the asset been the subject of a relieving acquisition.

(4)But the asset is not within subsection (3) if the person mentioned in that subsection (“the intermediary”) acquired the asset on or after 1 April 2002 from a person (“the third party”) who meets the conditions in subsections (5), (6) and (7).

(5)The third party meets the condition in this subsection if—

(a)the third party is not a company, or

(b)the third party is a company in relation to which the intermediary is not a related party at the time of the intermediary's acquisition.

(6)The third party meets the condition in this subsection if at the time of the intermediary's acquisition the third party is not a related party in relation to a company in relation to which the intermediary is a related party.

(7)The third party meets the condition in this subsection if at the time of the acquisition of the asset by the company mentioned in subsection (1) the third party is not a related party in relation to that company.