New Reliefs for Corporate Intangibles Fixed Assets
30 January 2019
Alongside Finance Bill 2018-19, the government has published the consultation responses and its updated proposals for reform of the UK’s tax regime for corporate intangible fixed assets.
The UK government issued a consultation document on 19 February 2018 seeking views on targeted reforms to the intangible fixed assets (IFA) regime that would simplify its administration and improve its international competitiveness. The consultation explored the possibility of change in several areas, including:
- The exclusion of intangible assets created or acquired prior to 1 April 2002 from the IFA regime - (‘pre FA-02 assets’)
- The removal of a restriction introduced in July 2015 on the tax relief available on acquisition of goodwill
- The application of the de-grouping charge provisions within the IFA regime (‘the IFA de-grouping regime’)
- The rate at which amortisation relief is given by election as an override to the accounting treatment (‘elective fixed rate relief’).