Section 900M — Corporation Tax Act 2009: Acquisition of fungible assets: pre-FA 2002 assets and restricted assets

Acquisition of fungible assets: pre-FA 2002 assets and restricted assets 900M 1 Fungible assets acquired by a company that would not otherwise be treated as pre-FA 2002 assets are so treated so far as they are identified, in accordance with the following rules, with pre-FA 2002 assets realised by the company.

2 Fungible assets acquired by a company that would not otherwise be treated as pre-FA 2002 assets or restricted assets are to be treated as restricted assets so far as they are identified, in accordance with the following rules, with restricted assets realised by the company.

3 Rule 1 is that assets acquired are identified with pre-FA 2002 assets or restricted assets of the same kind realised by the company within the period beginning 30 days before and ending 30 days after the date of the acquisition.

4 The reference in subsection (3) to assets “of the same kind” is to assets that are, or but for section 900K(1) would be, treated as part of a single asset because of section 900J.

5 Rule 2 is that assets realised earlier are identified before assets realised later.

6 Rule 3 is that assets acquired earlier are identified before assets acquired later.