Following incorporation relief is the double entry in the accounts:
Dr Goodwill & other assets @ market value
Cr Shares & Share Premium
Assuming the above is correct is goodwill ammortisation tax deductable (I'm aware of April 2002 and connected persons etc).
Or is ammortisation not allowable as it has not be purchased but exchanged for shares?
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Consideration
The company has purchased the assets. The consideration is shares rather than cash or director's loan. Thereforeif it's post 2002 goodwill, the amortisation charge is allowable.