Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fixed assets definition

What does Fixed assets mean? In legal and transactional practice, fixed assets are the long-term resources of a company—such as land and buildings, plant and machinery, office equipment, vehicles and certain intangibles—held for continuing use in the business to generate profits, rather than for resale. The term is descriptive and used across company law, finance and insolvency. In statutory accounts, the Companies Act 2006 (UK) and Companies Act 2014 (Ireland) balance sheet formats refer to fixed assets, typically analysed as intangible assets, tangible assets and investments. Under UK and Irish GAAP (FRS 102) and IFRS, the parallel concept is non-current assets or property,...

UK corporation tax: Realisation of intangible fixed assets (CTA 2009 Part 8)—GAAP-based derecognition, deemed/partial disposals, proceeds and incidental costs, tax credits/debits, abortive expenditure

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Practice notes

Where a company disposes of an intangible fixed asset (IFA) that falls within the corporate intangible assets regime in Part 8 of the Corporation Tax Act 2009 (CTA 2009), any gain or loss arising is recognised for corporation tax as, as appropriate, a credit or a debit. Amounts brought in under CTA 2009, Pt 8 are dealt with as income items, both for charge and relief. Consequently, the usual income/capital divide under general tax law is disapplied. Instead, a credit or debit on the realisation of an IFA is treated either (i) as a receipt or expense of a trade or of a property business, or (ii) where the IFA is not held for the purposes of a trade or property business, as a non-trading credit or a non-trading debit. For further detail on the taxation of IFAs, refer to Practice Note: How intangible fixed assets are taxed—basic principles...

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Web page updated on 21/05/2026

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