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: definition and asset conditions for corporate intangible fixed assets (CTA 2009 Part 8)—accounting basis, intellectual property, goodwill, options and finance leases

Published by a LexisNexis Tax expert

Practice notes

The corporate intangible assets regime sets out how a company’s gains and losses on intangible fixed assets (IFAs) are taxed and relieved. The rules sit in Part 8 of the Corporation Tax Act 2009 (CTA 2009). In broad terms, an IFA is within this regime if it:

meets the asset conditions, and
is not a pre-FA 2002 asset

For the meaning of pre-FA 2002 asset, see Practice Note: What is a pre-FA 2002 asset? This Practice Note addresses the asset conditions. In outline, an IFA satisfies the asset conditions where it:

falls within the tax definition of an IFA or constitutes goodwill, and
is not specifically excluded from the corporate intangible assets regime (see Practice Note: Excluded intangible fixed assets)

Tax definition of intangible fixed asset

An asset is an IFA for a company if it is an intangible asset that the company has created or acquired to be used on an ongoing basis in the course of its activities.

Meaning of intangible asset

The phrase ‘intangible asset’ carries the same meaning as it does for accounting purposes

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Web page updated on 22/05/2026

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