Taper relief on sale of goodwill?

jilbo
jilbo Registered Posts: 197 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
Is taper relief available on the chargeable gain due to the sale of goodwill when a business is sold? Am questioning this because how long has the asset beeen 'owned', since the start of the business?

Comments

  • Moseley_21
    Moseley_21 Registered Posts: 59 Regular contributor ⭐
    I would not have thought so?? Which unit are you doing as i have never came across this in my PTC revision? Do we need to know it??
  • jilbo
    jilbo Registered Posts: 197 Dedicated contributor 🦉
    Hi Moseley, it would be in BTC not PTC. Sorry didn't mean to scare you, it didn't come up, that I remember when I did BTC, just something that's come up now with a client. Should have posted in MIP section, forgot which section I was in!
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
    Hi Jilbo,

    Yes there would, but remember limited companies dont get taper relief!

    Chris

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