Corporation Tax Act 2009 section 713

"Intangible fixed asset"

Section 713 defines what counts as an "intangible fixed asset" for the purposes of the corporation tax rules on intangible assets in Part 8.

• An intangible fixed asset is an intangible asset acquired or created by a company for ongoing use in its activities
• The definition extends to options or other rights to acquire or dispose of intangible fixed assets
• Part 8 applies to qualifying intangible fixed assets whether or not they are capitalised in the company's accounts
• Finance leasing regulations under section 854 may override the standard definition, for example by treating assets as intangible fixed assets of a finance lessor