A technical note issued by the Inland Revenue gave details of the new tax regime, which will be introduced in the Finance Bill, which follows two years of consultation with the business world.
In his speech, chancellor Gordon Brown said the new regime would ‘meet the needs of a more knowledge based economy.’
The term intellectual property covers such things as brands, customer lists, relationships with suppliers, patents and company names.
Lindsay Dodsworth, a partner at Ernst & Young, said: ‘We welcome the proposals, particularly to allow relief for goodwill, which will make the UK more competitive when it comes to attracting investment, and bring it into line with our major trading partners.’
But she warned that the ‘devil would be in the detail’ of the draft legislation and that transitional rules were likely to be complex.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals