Tax relief on Intellectual Property

Client sold his website to his new company.

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A client previously operated a business consultancy as a proprietorship. He now operates through a micro-entity limited company and has sold his successful website to the company for £10,000. This is the point at which the person became my client. Am I correct in thinking that no tax relief is available on the cost of the website acquisition? Part 8 CTA 2009 (CTA 2009) appears to exclude the cost as a claimable purchase.

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By Truthsayer
16th Jun 2020 19:58

It's a purchase of goodwill from a related party, however the client might dress it up.

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