On 19 February 2018, the government published a new consultation to review the corporate Intangible Fixed Assets regime. This consultation presents an important, and long-awaited, opportunity for businesses and other stakeholders to make HMRC aware of their frustrations with the current regime, and to put forward suggestions for reform.
Groups will welcome the news that the government appears interested in making the regime fairer and ensuring more consistent alignment between tax and accounting treatment, to make the regime more competitive internationally. However, the consultation is also clear that a key consideration for government before making any changes will be the effect of those changes on the government’s finances, so the prospect of radical reform will be limited unless an economic case can be made.
You can read more in this article, first published in Tax Journal, where we examine the government's review of the Intangible Fixed Asset regime.
Consultation on intangibles In the attached article, which was first published in Tax Journal, Ashley Greenbank examines the government's review of the Intangible Fixed Asset regime.