CIRD25010 - Intangible assets excluded from Schedule 29: introduction

FA02/SCH29/PARA72 - 83

The third of the tests mentioned in CIRD11100 that an intangible asset needs to meet to satisfy the asset conditions is that it must not fall within any of a number of excluded categories.

These statutory exclusions can be divided into three types:

• assets which are largely outside FRS10/IAS38 as a matter of accounting principle ( CIRD25025 onwards),
• assets excluded, some within FRS10/IAS38 some outside it, because special tax rules already apply to them - these exclusions are partial only ( CIRD25050),
• assets held by a company for uncommercial purposes or for the purposes of activities of the company outside the charge to CT ( CIRD25070).

Options

Paragraph 72 (1) provides that options or other rights (for example a futures contract) to acquire or dispose of an excluded asset are themselves excluded from Schedule 29. See CIRD11175 for the treatment under Schedule 29 of options and other rights.