Corporation Tax Act 2009 section 712

"Intangible asset"

Section 712 defines what counts as an "intangible asset" for the purposes of the corporation tax rules on intangible fixed assets.

• An intangible asset takes its meaning from accounting standards, and this includes assets that a company has generated internally rather than purchased.
• Intellectual property is specifically included, covering patents, trade marks, registered designs, copyright, design rights and plant breeders' rights.
• The definition extends to equivalent rights under the laws of countries outside the United Kingdom, unprotected know-how or techniques with economic value, and any licences over such rights.
• Certain assets are excluded from these rules by Chapter 10 of the same Part, which deals with excluded assets.