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.
- Mlom bollocks 114 4
- The stupidity continues 1,014 59
- transactions after account have been closed 263 8
- VT Transactions Stock Issues 49 2
- Non-Europe based but want to do UK taxes 148 1
- AML report needed? 47 1
- If you've had any issues posting: Please read this 635 15
- CIMA at the age of 35?? 563 11
- What is IRIS World like? 384 9
- Land Rover Discovery 3.0 SDV6 255 Comm Auto 2 seat 358 8
- Can I claim Vat on solicitors invoices? 260 6
- Limited company director - other earnings in the tax year 281 4
- Offsetting CT losses against another company 253 6
- Calculating capital gains tax for non-residents UK residential property 154 1
- CIS. Why is it so complicated? 2,354 25
- New Employers Helpline 215 4
- Software recommendations 288 1
- Share transfer question 398 17
- qualifying for 1/9th tax credit on foreign dividend 200 2
- HMRC & daft penalty 2,498 19
- Has anyone been affected by the RBS payment breakdown? 440
- Straight line write off of Purchase Goodwill ??? 440
- WIP Software 302
- FRS 102 compliant illustrative accounts for an insurance company 291
- No payroll scheme in place 237
- CGT, PPR and transfer of equity to spouse. 234
- Do subcontractors on work for residential (student accomodation) construction 213
- Is there anything wrong with this? 208
- Small Part Disposal of Property 193
- Uncommercial property business 184