Asset 1 (old asset) is land used in a partnership trade.
Asset 2 (new asset) is goodwill of an entirely differrent business being purchased from an unconnected person..
The partner will purchase the goodwill of a new business and continue to be a partner in the old business.
Q1 - Is goodwill a depreciating asset for the purposes of s154? I would imagine it is but suprisingly can't find anything to confirm. (life less than 50 years)
What if a newco (the partner would be the sole shareholder) made the purchase of goodwill.
Q2. would the partner be able to rollover the gain via the company purchase?. I read in some places that this is OK. if so how would the intangible regime in CTA interact with this? i.e. would teh fact that this is new goodwill rollover deny rollover relief ?
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Never the twain ...
A2. Gains realised on disposal of chargeable capital assets cannot be rolled over into purchases of intangibles. In any event, it is the person making the disposal that has to reinvest, so even if the new asset were qualifying, purchase by a different entity, eg newco, would preclude relief.
A1. Unless there is clear evidence that the business will cease within 50 years, goodwill should not be treated as a wasting asset (CG76725).
Qualifying assets
Yes goodwill is a qualifying asset, but clearly only if it is a chargeable asset for capital gains purposes. Which it is not in the hands of a company (if it is 'new' goodwill). EDIT - see next paragraph
But I've just re-read things, and my earlier comment (about mixing capital and IFA assets) is nonsense - if a company disposes of what would have been an IFA but is a pre-2002 asset, any gain can indeed be rolled over under the IFA reinvestment provisions.
However, in any event, I'm not sure how you think relief could be given in the second scenario - the person disposing of the first asset is not the person that is investing in the second asset.