LAM07120 | Trade profits: Intangible fixed assets: FA12/S130 and CTA09/S806

Since 31 December 2012 CTA09/PART8 has applied to credits and debits on intangible fixed assets arising to life insurance companies. These rules are modified, by CTA09/S806, to specifically exclude assets derived from or referable to insurance or capital redemption policies.

Assets in respect of the value of in force business are also excluded from Part 8. The amortisation of assets representing the value of future profits arising from business acquired from a third party after 1 January 2013 is separately deductible under FA12/S130 whereas amortisation relating to such assets acquired before that date is not. There are rules in FA12/SCH17/PARA24 governing pre-2013 expenditure.