INTM620750 | Offshore Receipts in respect of Intangible Property (ORIP): Glossary of terms: Meaning of intangible property

ITTOIA05/Ch2A/S608H

Intangible property

For the purposes of this chapter, “intangible property” means any property, except:

• Tangible property (or a right in respect of tangible property)

• Estates, interests or rights in or over land (or a right in respect of those things)

• Financial assets

• Shares or other rights in relation to a company

• Property of a prescribed description, meaning property prescribed by regulations made by the Treasury. No such regulations have been made.

Financial asset

A “financial asset” takes its meaning from CTA09 s806 and includes, but is not limited to:

• Loan relationships

• Derivative contracts

• Contracts or policies of insurance.

The legislation does not refer to accounting principles in determining what constitutes intangible property (except insofar as the meaning of financial asset in s608H(2)), and therefore the treatment of intangible property under Chapter 2A may differ from its treatment for accounting purposes.

Example 1

Common examples of intangible property include goodwill, patents, trademarks, copyrights, brands, know-how, customer lists, franchises, licences, distribution and manufacturing rights. This is a non-exhaustive list and all intangible property should be seen as in scope of Chapter 2A, however it is described.