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News – 18.11.24

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Spring Budget 2020: Further corporate intangible assets changes

Changes were announced to allow companies who acquire pre-Finance Act 2002 intangible fixed assets (e.g. I.P., trademarks, patents, design rights) from related parties on or after 1 July 2020 to access the Intangible Fixed Asset (IFA) regime on the acquisition of these assets.

This measure removes a restriction that prevents some companies from claiming relief under the IFA regime for older, well-established intellectual property rights.

The changes mean that corporation tax relief will now be available for the cost of acquiring these assets in circumstances where it was not previously.

This is, in part, a tax simplification meaning that corporate intangible assets will now be relieved and taxed under a single regime for acquisitions from 1 July 2020.

Tax treatment of intangible assets for companies will now be aligned with the company accounting treatment for pre and post Finance Act 2002 intangible fixed assets acquired from related parties from 1 July 2020.

The intangible regime can be complex and has been subject to numerous changes in recent years. We can support you in understanding the rules and ensuring full relief is obtained.

Matthew Baldock

+44 (0)20 3972 6623
baldockm@buzzacott.co.uk
LinkedIn

This measure removes a restriction that prevents some companies from claiming relief under the IFA regime for older, well-established intellectual property rights.

The changes mean that corporation tax relief will now be available for the cost of acquiring these assets in circumstances where it was not previously.

This is, in part, a tax simplification meaning that corporate intangible assets will now be relieved and taxed under a single regime for acquisitions from 1 July 2020.

The intangible regime can be complex and has been subject to numerous changes in recent years. We can support you in understanding the rules and ensuring full relief is obtained.

Read more on the Budget here.

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