Related Commentary  Related HMRC Manuals


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

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