Corporation Tax Act 2009 section 881

Meaning of "pre-FA 2002 assets"

Section 881 defines the term "pre-FA 2002 assets", which refers to intangible fixed assets that are excluded from the intangible fixed assets tax regime.

• Intangible fixed assets that fall outside the intangible fixed assets regime (as described in section 880(a)) are known as "pre-FA 2002 assets".
• The term replaces the older expression "existing assets" used in the original Finance Act 2002 legislation.
• The intangible fixed assets regime came into force on 1 April 2002, and assets that pre-date this regime are treated differently.
• Unless an express exception applies, pre-FA 2002 assets remain subject to the older tax rules rather than the intangible fixed assets regime in this Part.