Capital Gains tax on incorporation
I am about to incorporate my business which has a net asset value of £20,000 approx plus goodwill valued at £50,000. The goodwill originally cost £1,000. The business has been trading 10 years. The company is going to issue me with 1 share and the balance of the consideration for the business will be by way of a directors loan account of £60,000. I have been advised that there will be no capital gains tax liability on me personally as a result of this goodwill being sold to the new company. Is this correct?