Schedule 29 - Gains and losses of a company from intangible fixed assets

Part of Finance Bill – in a Public Bill Committee at 10:00 am on 13th June 2002.

Alert me about debates like this

Photo of John Healey John Healey The Economic Secretary to the Treasury 10:00 am, 13th June 2002

I shall come to that point. I shall pull together my responses to the remarks that have been made at the end of my comments.

The transitional arrangements are generous. A range of benefits is available to companies that, at the same time, enjoy the new relief against the current income of the assets that they buy. Roll-over relief has been expanded as a result of the consultation within the new framework, to cover capital gains on all pre-commencement intangibles, not just the limited

categories that currently qualify for capital gains roll-over relief. While companies can no longer defer the gains on those disposals when they buy assets within the capital gains rules, they can now do so by reinvesting in not only the limited categories of intangible assets that currently qualify for capital gains roll-over relief but all intangibles within schedule 29.