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News – 10.04.24

Form PF: Are you up to speed with the latest developments?

Through this insight we will bring to your attention the main changes in a bitesize manner so that you can stay abreast of the requirements as they may apply to your firm. … Read more

Insight

Why you need to submit your pre-R&D claim notification form now

Failing to submit a pre-notification form could jeopardise your R&D claim. Learn more about this new requirement. … Read more

Upcoming event – 29.04.24

Governance code updates and advice for Further Education colleges from Buzzacott and the ESFA

Join Buzzacott and the ESFA for a governance update for further education colleges … Read more

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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.

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