Sole trader became Ltd company and transferred goodwill into the company at a value that gave no tax liability. Form CG34 was completed in November 2007 and then the fun started. After various correspondence going backwards and forwards HMRC informed us in March 2008 that they are seeking clarification from the Valuation Office and the Departmental CGT specialists and have made a submission to a solicitor for a legal opinion on the issues surrounding "adherent" goodwill and therefore have deferred our negotiations until the clarification has been obtained.
How long do we wait? Do we chase them or do we let sleeping dogs lie?
Krista
9th Jul 2008
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Goodwill valuation by HMRC
Goodwill valuation by HMRC