CIRD11120 - Intangible assets within CTA09/PART8: asset conditions: meaning of intangible asset: accountancy test
CTA09/PART8/S712 (1)
The term 鈥榠ntangible asset鈥� carries its meaning 鈥榝or accounting purposes鈥�, that is its meaning under 鈥楪AAP鈥�, terms defined in CTA10/S1127 (see CIRD30020).
The practical effect is to import the definition of an intangible asset in the GAAP standards for accounting for goodwill and intangible assets, see CIRD30530.
The status of assets that are not within the definition of 鈥榠ntellectual property鈥� (see CIRD11150) is therefore wholly a matter of accounting practice. Agricultural quota, various types of statutory licences and some franchise rights are all examples of assets of this kind which would normally fall within intangible assets for GAAP and therefore within CTA09/PART 8.
As to the meaning of 鈥榝ixed鈥� assets see CIRD11170.
Internally-generated assets
CTA09/PART 8 was amended by FA09/S70 to confirm that for the purposes of the regime, intangible assets (such as goodwill) include internally-generated assets (such as internally-generated goodwill).
Exception for finance lessors
The requirement that only intangible assets with that status for accounting purposes come within CTA09/PART 8 is relaxed in the case of finance lessors (see CIRD27050).