Section 879I — Corporation Tax Act 2009: Restrictions on debits: no business or no qualifying IP assets acquired

Restrictions on debits: no business or no qualifying IP assets acquired 879I 1 This section applies in respect of a relevant asset of a company if the company acquires the asset on or after 1 April 2019 otherwise than as part of the acquisition of a business.

2 This section also applies in respect of a relevant asset of a company if—

a the company acquires the asset on or after 1 April 2019 as part of the acquisition of a business, and b the company does not acquire any qualifying IP assets as part of the acquisition of the business for use on a continuing basis in the course of the business.

3 No debits in respect of the asset are to be brought into account by the company for tax purposes under Chapter 3 (debits in respect of intangible fixed assets) or Chapter 15 (adjustments on change of accounting policy).

4 Any debit in respect of the asset that is brought into account by the company for tax purposes under Chapter 4 (realisation of intangible fixed assets) is treated for the purposes of Chapter 6 as a non-trading debit.