PTP's Tax Tip No.6 ' Rollover relief on goodwill gain

Q: My client incorporated his trade last year and the company has just sold its trade and assets. The principal asset was goodwill, sold for £500,000. The goodwill was not within the new intangibles rules since the trade had started in 1994, so the sale gave rise to a chargeable gain for the company. The company will now be acquiring a property for furnished holiday letting. Presumably the company can roll over its gain?

A: Unfortunately not!

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