Claiming tax relief on goodwill

Claiming tax relief on goodwill

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Previous questions have been posted as to whether tax relief can be claimed on goodwill post 01 April 2002, but if you are able to, what is the correct procedure? Is there a standard form, or is it an amendment to the CT Return or a straight forward letter requesting a CT refund? Thanks

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By johngroganjga
14th Apr 2014 19:26

Do you mean allowable amortisation of goodwill has been inadvertently added back in a company's CT computations, and it now wants to correct that error?

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By [email protected]
14th Apr 2014 19:30

Yes, that's correct johngroganjga

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By Exector
15th Apr 2014 17:32

Then an amended return or Overpayment Relief claim

If you are still within the time limits for an amended return, then that can be used as a route to correct the overall liability for the applicable Accounting Periods. For APs outside that time limit, the alternative option available is an Overpayment Relief claim, which will only enable a claim for the four prior years and as a formal written claim, it is subject tot specific HMRC requirements as to format and contents, including a signed declaration by the company claimant. Some pro forma claims are available on the internet, but it can be by a letter as long as it contains the necessary declarations etc.  http://www.hmrc.gov.uk/manuals/sacmanual/sacm12150.htm

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By [email protected]
15th Apr 2014 20:10

Excellent, thank you

the client is still within the time limits, so an amended return will be filed. Thank you for your help.

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