1) Asset realised is a chargeable intangible asset within CTA09/PART8
The net proceeds from the realisation of the old asset must exceed its cost recognised for tax purposes. That is before tax deductions for sums written off the asset – see CIRD12720. The purpose of this requirement is to prevent a taxable credit from being rolled over to the extent it represents the recovery of deductible debits for sums written off the asset under the rules described in CIRD12700 onwards.
The net proceeds of realisation of the asset are the proceeds recognised for accounting purposes less the incidental costs of realisation. See CIRD13240.