Legal loophole closed to stop 'assets' becoming 'intangible'

Legal loopholes concerning the accounting of a company's intangible assets were closed with immediate effect on Friday (22nd June) under changes to corporate tax rules announced by Paymaster General Dawn Primarola. Corporation tax rules which are designed to give tax relief on intangible assets such as patents, trademarks and intellectual property are now being altered because the Inland Revenue believes companies are abusing the system by including other assets in their claim, and not paying the capital gains tax. Moreover, the Revenue says it has evidence to suggest firms are m...