Chargeable gains rollover relief: reinvestment in intangible fixed assets
This Tax Information and Impact Note explains a correction to Capital Gains rollover relief legislation covering proceeds on the disposal of a tangible asset which are reinvested in an intangible fixed asset.
Documents
Details
This corrects an error in the rewriting of legislation in relation to Capital Gains rollover relief. The correction prevents companies claiming chargeable gains rollover relief on the disposal of tangible assets where the proceeds are reinvested in an intangible fixed asset.
The measure also adjusts the tax cost of the replacement intangible fixed asset for claims made on or after 1 April 2009 and before 19 March 2014, preventing double tax relief being given on any roll-over relief claims already made.