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Accountant’s personal goodwill did not exist

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Chartered accountant Neill Dyer [TC07567] asserted that he had sold personally held goodwill to his company for £1.2m, and claimed entrepreneurs relief (ER) on the gain. HMRC and the FTT disagreed.

24th Apr 2020
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To understand why HMRC was dismissive of the idea that Dyer could transfer personally held goodwill to his company it is necessary to review the history of Dyer’s accountancy practice. 

Practice history

Dyer established an accountancy practice (Dyer & Co) as a sole trader in 1988. Between May 1996 and August 2003, Dyer traded in a partnership as Dyer & Co.

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Replies (4)

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By rememberscarborough
27th Apr 2020 10:22

When something like this can go all the way to a tax tribunal it shows what a swamp our tax system is....

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By vstrad
27th Apr 2020 13:08

Would there be any correlation between the value of goodwill sold and the amount of money available in Services Ltd to pay for it?

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Replying to vstrad:
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By whitevanman
29th Apr 2020 11:29

No!

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