Schedule 29 - Gains and losses of a company from intangible fixed assets
Finance Bill
9:45 am
Mr Howard Flight (Arundel and South Downs, Conservative)
The amendments are designed to allow companies that held intangible assets before 1 April 2002, on which no deduction has been claimed under the new legislation, to roll over the proceeds on disposal under the old rules—that is, against land and buildings—rather than being able to roll over proceeds against only the acquisition of new intangible fixed assets. In essence, if that were not the case, there would be an element of retrospection in the operation of the schedule. We hope that the Government will take note, and that they will be able to address the issue satisfactorily if they do not accept the amendments.