The Tax Faculty has published TAXguide 05/19: Intangible fixed assets and corporation tax deductibility.
The taxation of intangible fixed assets (IFTA) underwent a revolutionary change in April 2002, now Part 8, Corporation Tax Act 2009, and in recent years major changes to the deductions available for goodwill and customer related IFTA have meant that practitioners need now to be aware of four sets of rules.
TAXguide 05/19 sets out both the tax and accounting treatment for IFTAs and provides a useful example which explains how much tax relief is available under each regime.
TAXguides are available to members of the Tax Faculty and Faculties Online. To access our TAXguide series visit www.icaew.com/taxguides.
To learn more about the benefits of joining the Tax Faculty please visit www.icaew.com/jointf.