CG12014 - Rights as assets: capable of realising value

The second characteristic of an asset is that you can `realise value' from your ownership of it. In certain cases, it may not even be necessary that you still own an asset to be able to realise value from it. Provided that you realise the value as a result of having previously owned the asset, that can still be treated as a disposal, see CG12975+.

The meaning of `realising value' from an asset was considered in O'Brien v Benson's Hosiery (Holdings) Ltd (53TC241), see CG12022. We take the phrase to mean turning your ownership of the asset to account by obtaining consideration from it.