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HMRC internal manual

Corporate Intangibles Research and Development Manual

Intangible assets excluded from Schedule 29: assets outside FRS102 s18: general

FA02/SCH29/PARA73 - 76

These paragraphs exclude the following categories of assets:

  • rights over tangible assets (CIRD25030),
  • oil licences (CIRD25040),
  • financial assets (CIRD25050),
  • rights in companies, trusts and partnerships (CIRD25060).


The assets excluded from Schedule 29 by the provisions in these paragraphs, though a lawyer may sometimes view them as types of intangible asset, are outside the scope of FRS102 s18 (or IAS38/FRS105 s13/FRS10). They are not normally, therefore, within the definition of ‘intangible assets’ for the purposes of Schedule 29, which is founded on accounting practice (see CIRD11120). Why Schedule 29 does not simply rely on GAAP in defining the scope of the provisions is explained in CIRD11035.

An interpretation of any of the provisions listed above, therefore, is unlikely to be tenable if the effect is to exclude from Schedule 29 an intangible asset, which as a matter of generally accepted accounting practice is within FRS102 s18 (or IAS38/FRS105 s13/FRS10).

Where an asset is excluded from Schedule 29 by these provisions, the rest of the CT code will continue to apply to any transaction in relation to the asset without regard to the rules in Schedule 29.