CIRD11520 - Intangible assets within FA02/SCH29: time test: general conditions: outline

FA02/SCH29/PARA118

An asset held by a company satisfies the general conditions of the time test if:

• it is created by the company on or after 1 April 2002 (see CIRD11600), or
• it is acquired by the company on or after 1 April 2002 from a person who is not at that time a ‘related party’ (see CIRD11610), or
• it is acquired by the company on or after 1 April 2002 from a related party in defined circumstances (see CIRD11625).

Where the company acquired the asset (rather than created the asset itself) the asset must not have been transferred to the company in circumstances where the transferor is treated as disposing of the asset for CG purposes on no gain/no loss terms under TCGA92/S139 or TCGA92/S140A (see CG52800 onwards and CG45706 onwards). See CIRD11660.

See CIRD11670 to CIRD11690 for the time when an asset is regarded as created or acquired.