Rob Keogh and Sarah Goodman consider changes announced to the intangible fixed assets (IFA) regime and amendments to research and development (R&D) relief
This article considers how the changes announced at the Spring Budget to the intangible fixed assets (IFA) regime and amendments to research and development (R&D) relief continue to drive the government's aim of reinforcing the attractiveness of the UK as a place to do business.
The intangible fixed assets regime
The intangible fixed assets regime at Corporation Tax Act 2009 Part 8 ('the Part 8 regime') is now over 18 years old. In general, the IFA regime provides that debits and credits relating to IFAs are taxed as income in line with the underlying accounting treatment. This means that companies can be entitled to relief for amortisation and impairment debits relating to IFAs.