CIRD11600 - Intangible assets within CTA09/PART8: FA02 rule: general conditions: asset created by company on or after 1 April 2002
An intangible fixed asset held by a company satisfies the FA02 rule general conditions (CIRD11520) if it was ‘created’ by the company on or after 1 April 2002. The term ‘created on or after 1 April 2002’ has a specific meaning for the purposes of applying the FA02 rule - it is not sufficient for an asset to be created in the ordinary legal sense of the word. An asset is only created on or after 1 April 2002 for the purposes of Part 8 if and when expenditure is incurred on the creation of the asset on or after 1 April 2002. An asset created by a company prior to 1 April 2002 may also satisfy the FA02 rule in its hands if the asset falls within the special categories set out in CIRD11740 and CIRD11750.
See CIRD11670 to CIRD11685 for the time when an asset is regarded as created for the purpose of this rule.