This document covers these in detail, along with differences in tax treatment pre-and post-1 April 2012; tax adjustments; change in accounting policy; IAS 38 adoption, negative goodwill; and election for writing down at fixed rate..

Tax treatment of intangibles

The tax treatment of qualifying intangible fixed assets acquired or created on or after 1 April 2002 broadly follows the accounting treatment under GAAP (see below). Therefore, the majority of debits and credits in the financial statements which are derived from intangible fixed assets acquired before 8 July 2015 will not need to be adjusted in the corporation tax computation. The credits will usually be taxable and the debits will usually be deductible. However, major changes to the regime were introduced by F(No 2)A 2015, s 33 which are discussed below.

For information on which assets fall within the corporate intangibles regime, see the Intangibles - old or new regime and Definition of intangibles guidance notes.

Summary of important differences between tax treatment of pre- and post-1 April 2002 intangibles

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