Revenue's intangible reform
The Inland Revenue is expected to announce at the end of November the outcome of consultation into the taxation of intellectual property, goodwill and other intangible assets.
The Inland Revenue is expected to announce at the end of November the outcome of consultation into the taxation of intellectual property, goodwill and other intangible assets.
Comments were invited on the draft clauses and the partial regulatory impact assessment before the end of January.
The government published proposals for a comprehensive new regime for intangible assets at the time of the Budget last year. These proposals were developed after consultation with business and were designed to:
The new approach has been welcomed by business and subject to consultation, the government will introduce it from 1 April.
The intangibles reform will mark a further step in the government’s programme of corporate tax reform, set out in a consultation document on large business taxation. The government sees the key principles for reform as: