Section 357OK — Corporation Tax Act 2010: Fungible assets

Fungible assets 357OK 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.

2 Section 858 of CTA 2009 applies as if—

a pre-commencement assets, and b intangible fixed assets that are not pre-commencement assets, 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)—

a a single asset comprising pre-commencement assets is treated as itself being a pre-commencement asset, and 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.