CIRD11730 - Intangible assets within FA02/SCH29: time test exceptions: assets already within income regime: introduction

FA02/SCH29/PARA128 - 129

Certain types of asset are brought within Schedule 29 (for all purposes) even though they fail the general conditions relating to the time test. These are assets whose purchase and sale are already revenue matters for corporation tax for periods prior to 1 April 2002. The change of tax treatment resulting from bringing these assets within Schedule 29 is therefore at most a matter of timing.

The assets affected are:

• telecommunications rights and licences within FA00/SCH23 (see CIRD11740),
• syndicate capacity at Lloyd’s (see CIRD11750).