In s. 25(2), (3) and (5), any reference to a “branch or agency” shall be read, in relation to a company, as if it were a reference to a “permanent establishment” (FA 2003, s. 153(2)(b); with effect in relation to accounting periods beginning on or after 1 January 2003).
25(1) Where an asset ceases by virtue of becoming situated outside the United Kingdom to be a chargeable asset in relation to a person, he shall be deemed for all purposes of this Act–
(a)to have disposed of the asset immediately before the time when it became situated outside the United Kingdom, and
Want to read more?
This content requires a Croner-i Tax and Accounting subscription.