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New corporate tax regime for intangible assets

30 June 2020 / Pete Miller
Issue: 4750 / Categories: Comment & Analysis
Intangibles and fungibles

Key points

  • Commencement provisions for corporate intangibles are relaxed.
  • Determining the related parties in a transaction.
  • When is an asset created or acquired?
  • The anti-avoidance legislation and the transitional rules.
  • The practical effects of the Finance Bill 2020 changes.

Like many people in the world of tax I did not spend much time listening to the chancellor’s Budget speech on 11 March. Instead I went straight to the information on the HMRC and Treasury websites to get to the meat of the major announcements on tax. I was taken by surprise by the brief announcement that the commencement provisions for corporate intangibles were to be relaxed ( This meant that intangible fixed assets – intellectual property branding assets and the like...

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