Section 357OO | Assets acquired in connection with disposals of pre-commencement assets

(1)This section applies if—

(a)a person disposes of an asset which—

(i)in the case of an intangible fixed asset, is a pre-commencement asset, or

(ii)in the case of any other asset, was created before the commencement day, and

(b)a company acquires an intangible fixed asset directly or indirectly in consequence of the disposal or otherwise in connection with it.

(2)The acquired asset is treated for the purposes of this Chapter as a pre-commencement asset in the company's hands.

(3)For the purposes of this section a person “disposes of” an asset if—

(a)for the purposes of TCGA 1992, the person makes a part disposal of the asset or any other disposal of it,

(b)in the case of an intangible fixed asset, there is for the purposes of Part 8 of CTA 2009 a realisation of the asset, or

(c)the person grants a licence in respect of the asset.

(4)For the purposes of this section it does not matter whether—

(a)the asset that the person disposes of is the same asset as the acquired asset,

(b)the acquired asset is acquired at the time of the disposal, or

(c)the acquired asset is acquired by merging assets or otherwise.