This Content Was Last Updated on November 5, 2015 by Jessica Garbett
Contributed by ACCA, in their own words
Chargeable gains roll-over relief: reinvestment in intangible fixed asset
Legislation will be introduced in the Finance Bill 2014 to amend section 156ZB TCGA 1992 to bring the corporation tax treatment of companies seeking to claim capital gains roll-over relief into line with the rules enacted in the Finance Act 2002.
The legislation will make it clear that roll-over relief under the chargeable gains rules is not available where the proceeds are reinvested in an intangible fixed asset, effective from 19 March 2014.
Legislation will also be introduced in the Finance Bill 2014 to enable the tax cost of any intangible fixed asset to be adjusted where roll-over relief has been claimed in respect of a reinvestment in intangible fixed assets before Budget 2014 (19 March 2014).