goodwill

Two changes were announced in the Autumn Statement to the treatment of goodwill on incorporation, which had immediate effect from 3 December 2014.

These were as follows:

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George Osborne’s 3 December announcement that entrepreneurs’ relief will

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The Autumn Statement in December 2014 included a surprise amendment to the rules affecting how goodwill is treated on the incorporation of a trading business.

Here is a brief note of some of the changes announced by the Treasury on 3 December 2014 and a reminder of some other things that will come into force on 5 April 2014.

It’s never a good sign when a perfectly good tax relief is mentioned in the Autumn Statement

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Yesterday, George Osborne, banned the use of Entrepreneurs Relief (ER) to be claimed when an unincorporated business incorporates and creates Goodwill which is then credited to the Driectors Loan A

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We have a new client (year end 31 March) who is writing off goodwill over 20 years. They have written off eight years so far.

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To date we've only really had minimal goodwill valuations so haven't bothered getting pre approval (as the impact either way was negligible).  However, we've got a fairly hefty one we're looking at

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Does anyone know the treatment of goodwill on consolidation under GAAP? FRS 6 seems to suggest that Goodwill should be taken through the Restructuring reserves in balance sheet.

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