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.
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