Goodwill tax relief
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Abbasadinehvand
Registered Posts: 8 New contributor 🐸
Hi every body
I will be grateful if someone answer my question. One of my client has paid £5000 to a third party for goodwill in 2018 for acquiring an existing business. Please let me know if there is any corporation tax relief for amortisation on Goodwill?
Please give an example?
Many thanks
Abbas
I will be grateful if someone answer my question. One of my client has paid £5000 to a third party for goodwill in 2018 for acquiring an existing business. Please let me know if there is any corporation tax relief for amortisation on Goodwill?
Please give an example?
Many thanks
Abbas
1
Comments
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Corporation tax relief on Goodwill amortisation ended on 8th July 2015. Relief is now only given at the point of disposal. This was announced in the Autumn Statement 2014 and Summer Budget 2015.
You can read the legislation here:
http://www.legislation.gov.uk/ukpga/2015/33/section/331 -
See update in the finance bill 2019 introducing some relief on qualifying goodwill and intangible assets
Article from Nicola Ross Martin:
https://www.rossmartin.co.uk/sme-tax-news/3829-goodwill-and-intangibles-new-form-of-relief1
