Amortization of goodwill - allowable?
A Ltd has been incorporated and trading since 2010
Prior to this Mr A ran the business as a sole trader for 3 years - from around 2007
Mr A had taken on the business from his father in law (Mr B) who had run the business for 4 years - from around 2003. I believe that Mr B had purchased the business from an unconnected party.
A Ltd has goodwill which is being amortized.
Am I right in thinking that no part of the goodwill arising on either of the transfer from Mr A to A Ltd or from Mr B to Mr A will be allowable for tax purposes? The latter on the basis that Mr A acquired the business from a connected party.
Could however any part of the total goodwill that related to the purchase post April 2002 by Mr B from the unconnected third party be relievable?
Any thoughts very gratefully received.
- Claiming depreciation on a company vehicle 11 1
- capital gains on PPR 170 8
- Any Scottish members out there? 11,728 440
- 100% Xero practice 2,435 46
- Fees for Property Tax Return 173 6
- Can I calculate a total amount on my freelance tax relief? 95 1
- Separating business for VAT purposes 114 2
- Underpaid Tax Options on SE 278 9
- PRR 347 13
- 40% rule for travel expenses 380 11
- Cash injection by shareholder 300 7
- Now Scotland has voted "No", when does England get to vote? 1,251 62
- Do I need a 13digit tax ref for a ct600 341 6
- Private portion of costs and expenses in Accounts 425 20
- How to pursue fraudulent trading 358 5
- Treatment of goodwill in Consolidation 293 8
- Is it more beneficial to be a Ltd company? 238 3
- corp tax software 393 7
- Pension Contributions Relief 464 14
- Is there an expert in Excel out there? 488 7
- Raiders of the Lost Tax File 1,310
- Chartered Accountant in County Down N.Ireland 472
- National Insurance 368
- Non Resident 294
- Franchise income and costs 259
- Hands on experience of Digita 213
- Best way to take money from a business if you have unlimited EIS allowances? 183
- Employer's Helpline 162
- employment capital allowances 157
- CIS paid under reg 9 151