The following Corporation Tax guidance note Produced 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:
a fixed asset (ie not held or acquired as trading stock)
one with no physical substance
capable of being identified, ie capable of being sold, licensed, rented or otherwise separated from the business with which it is associated, or otherwise arising from contractual or other legal rights
an asset over which the company can exercise a degree of control, ie via a franchise, licence arrangement, patent, etc
The following assets are specifically included in the definition of IFAs for tax purposes:
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