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.
- Company pays me the mileage rate of a company vehicle 118 2
- Non-Resident Director - UK Tax Position? 404 4
- Employment support allowance and self employed 135 3
- Registered Office 159 3
- PAYE coding notice - deliberate misstatement 1,491 23
- recovery of S455 on informal winding 318 5
- Partnership Registration 117 2
- Can you declare dividends and not withdraw them 914 36
- Owners loan to business - is interest taxable 121 2
- Would this save hours of your time? 693 12
- Audit Required 1,189 22
- HMRC to sell our tax data to private companies 317 9
- Residential Management Companies 99 2
- Value pricing 2,863 37
- Problems with CT600 filing 403 5
- Flat rate scheme - which rate to use? 400 11
- Payroll software for Mac 127 1
- Online / Cloud Data Back Up 127 2
- Excel problem - pivot tables and multiple data sources 220 5
- CIS and Close Company 211 6
- Residential Property Purchase Above £750K 948
- Using Sage with Sofa Categories 662
- Understanding the implications of January 2015 VAT changes for downloads on threshold for VAT registration 408
- transferring simply accounting 2010 from xp to windows 7 335
- rent-a-room allowance for part of the year 264
- Paye procedures for CVA 253
- HMRC Second Income Campaign - not so much a question as heads up 251
- Expenses Re-imbursed on the VAT Flat Rate Scheme 202
- Compliance Checks - Time limits 195
- Pension Fixed Protection 190