CIRD11640 - Intangible assets within FA02/SCH29: time test: general conditions: asset acquired from related party in qualifying circumstances: asset acquired by related party from independent third party
FA02/SCH29/PARA118 (2)(b)
This is the second of the three qualifying circumstances
outlined in
CIRD11625.
There are three conditions that must be satisfied:
- the related party (B), from whom the company in question (A) acquired the asset, itself acquired the asset on or after 1 April 2002 from another person (C); and
- C is not a related party of A at the time of the acquisition of the asset by A; and
- where either B or C (or both) is a company, the one must not be a related party of the other at the time B acquired the asset from C.
Where exceptionally the CG rules apply to the disposal of the
asset by B, the asset may remain excluded from Schedule 29 if it
falls within the rule described in
CIRD11660.
See
CIRD45105 onwards for the meaning of
‘related party’.
