The UK government intends to take a second look at its corporate intangible fixed assets tax regime and is seeking stakeholder feedback on the rules, HM Revenue & Customs announced February 19.
The tax, introduced in 2002, has been modified several times. The UK government said that given the growing importance of intellectual property to the productivity of modern business, it would like to examine whether it should reform or simplify the rules.
In particular, the government will review provisions on:
- the exclusion of pre-2002 assets
- the exclusion of goodwill and customer-related intangibles
- the de-grouping charge
- the election for fixed rate relief at 4% per year
Comments on the tax regime are requested by May 11.
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