Commentary

C1.604A Location of certain intangible assets

Capital gains tax
Capital gains tax | Commentary

C1.604A Location of certain intangible assets

Capital gains tax | Commentary

C1.604A Location of certain intangible assets

Statutory provisions1 have effect to determine the situs of certain intangible assets for the purposes of CGT at any time on or after 16 March 2005, regardless of when the asset in question was acquired. They apply for the purpose of determining whether 'intangible assets' are situated in the UK if their situation 'is not otherwise determined' (see below)2. The meaning of 'intangible asset' which applies for these purposes is any intangible or incorporeal property, and includes a thing in action, such as an option or a right to sue. It also means anything which under the law of a country or territory outside the UK corresponds to, or is similar to, intangible or incorporeal property or a thing in action3.

Any intangible asset which is subject to UK law (see below) at the time it is created is taken for TCGA purposes to be situated in the UK at all times4.

Particular rules5 have effect in the case of any intangible asset which is a 'future' or 'option' ('contract X') which is not subject to UK law at the

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