Section 357ON — Corporation Tax Act 2010: The pre-commencement status conditions

The pre-commencement status conditions 357ON 1 For the purposes of section 357OM(1) the other asset meets the pre-commencement status conditions if—

a it was created before the commencement day, or b on or after the commencement day the other asset has been a pre-commencement asset in the hands of the transferor or any other person.

2 Any apportionment necessary for the purposes of section 357OM(3) must be made on a just and reasonable basis.

3 Sections 357OH(4), 357OI and 357OJ (provisions explaining when assets are treated as created) apply for the purposes of section 357OM as they apply for the purposes of section 357OH(1).

4 Expressions used in this section have the same meaning as in section 357OM.