Section 357OK | Fungible assets ^F1

(1)This section and section 357OL have effect for the purposes of this Chapter in relation to assets to which section 858 of CTA 2009 (treatment of fungible assets) applies.^F1

(2)Section 858 of CTA 2009 applies as if—^F1

(a)pre-commencement assets, and^F1

(b)intangible fixed assets that are not pre-commencement assets,^F1

were assets of different kinds.

(3)If section 858 of CTA 2009 applies (whether or not it is a case where subsection (2) has effect)—^F1

(a)a single asset comprising pre-commencement assets is treated as itself being a pre-commencement asset, and^F1

(b)a single asset comprising intangible fixed assets that are not pre-commencement assets is treated as itself being an asset which is not a pre-commencement asset.^F1