Loading…

DarkLight mode

News – 19.12.24

Buzzacott advises Rose Street Partners on its investment in Kenwood Damp Proofing PLC

Discover how Buzzacott supported Rose Street Partners on its investment in Kenwood Damp Proofing PLC … Read more

Insight – 18.12.24

Start-up guide: Everything you need to know about Tronc schemes to set your new hospitality business up for success

One challenge for new hospitality businesses is the management of tips and service charges. … Read more

Upcoming event – 16.01.25

VAT on Private School fees training

This in-depth, interactive training seminar is designed to provide school administrators, bursars, finance officers, accountants, and trustees with tailored support and expert insights on the practical implementation of VAT. … Read more

Find us quickly

130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk T +44 (0)20 7556 1200

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.

Speak to an expert

If you have a query about any of the topics mentioned in this article, please fill in the form below and one of our experts will be in touch.