Broadly intangible fixed assets (acquired or created after 31 March 2002) are recognised as income as they are debited / credited in determining the company's profit or loss. The rules are similar to the loan relationship rules.
An asset bought or created partly before and partly after 31 March 2002 is treated as two assets. The expenditure on the purchase or creation of the asset is apportioned on a just and reasonable basis.
Internally generated goodwill is treated as created under the old rules if the company carried on the business before 1 April 2002.
Definition of intangible fixed assets
The term 'intangible fixed asset' (IFA) has the same meaning as it has for accounting purposes. In particular it includes intellectual property which means any patent registered trademark design or copyright etc. It also includes goodwill ...
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Broadly intangible fixed assets (acquired or created after 31 March 2002) are recognised as income as they are debited / credited in determining the company's profit or loss. The rules are similar to the loan relationship rules.
An asset bought or created partly before and partly after 31 March 2002 is treated as two assets. The expenditure on the purchase or creation of the asset is apportioned on a just and reasonable basis.
Internally generated goodwill is treated as created under the old rules if the company carried on the business before 1 April 2002.
Definition of intangible fixed assets
The term 'intangible fixed asset' (IFA) has the same meaning as it has for accounting purposes. In particular it includes intellectual property which means any patent registered trademark design or copyright etc. It also includes goodwill ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
