The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note considers the definitions of an ‘intangible fixed asset’ (IFA) for the purpose of the corporate intangibles regime.
IFAs are assets which are defined as intangible assets under GAAP which have a continuing use in the company’s activities. The accounting definition is set out in FRS 102, s 18 and defines an intangible asset as ‘an identifiable non-monetary asset without physical substance’.
For an asset to fall within the FRS 102 definition of an ‘intangible asset’, it must therefore be:
The following assets are specifically included in the definition of IFAs for tax purposes:
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