Purchased Goodwill
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Ellabobbin
Registered Posts: 92 Epic contributor 🐘
Is purchased goodwill a tax allowable deduction for corporation tax purposes?
The client purchased goodwill when they took over a business, which had previously incorporated in 2006 with no goodwill.
Am I able to allow for this in the accounts?
Thank you
The client purchased goodwill when they took over a business, which had previously incorporated in 2006 with no goodwill.
Am I able to allow for this in the accounts?
Thank you
0
Comments
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Generally, if it's unconnected goodwill and arose after April 2002 then yes it's allowable for CT purposes.
It will be amortised in the accounts over its estimated useful life regardless.0
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