FA03/S184 provides that, for the purposes of implementing the changes to the related party and avoidance rules, a new accounting period is deemed to commence on 20 June 2003. This then brings into effect the new measures that apply to all accounting periods commencing on or after 20 June 2003.
For accounting periods commencing on or after 20 June 2003,
(including those accounting periods treated for this purpose as
commenced on this day), the new measures are deemed to have always
been in force.
This does not affect accounting periods that have already
ended, but will have an effect on claims in respect of the relevant
intangible assets which relate to the time from 20 June 2003
onwards.
So if transactions (designed to get existing assets into the
intangible assets regime) would have been caught had the new rules
been in force when they were carried out, the assets in question
will be treated as outside the intangible assets regime and so not
qualifying for further 4% allowances.
The effects are summarised at
CIRD48250.
