The following amendments are effective from 1 January 2020.
Existing provisions – Summary
Intellectual Property capital expenditure is capitalized and capital allowances are claimed throughout the useful life of the asset with a maximum useful life of 20 years.
New provisions
Disposal of the Intellectual Property and Preparation of balancing statement.
Capital Allowances.
Therefore, at the beginning of each year, the tax written down value of the IP must be recalculated over the remaining useful life of the Intellectual Property.
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