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Updates from the Clayton & Brewill team.
No more tax relief on purchases of goodwill
One of the less-publicised changes made by Chancellor George Osborne this Summer was the removal of tax relief on the purchase of “goodwill”. Clayton & Brewill’s Yvonne Jackson explains.
“The removal of tax relief on goodwill was made with immediate effect from 8 July and affects anyone considering acquiring a business’s client list or existing contracts.
“The government had originally introduced the tax relief in 2002 to bring the tax treatment of goodwill more in line with other accounting procedures.
“Relief will continue to be available for business goodwill and customer related intangibles acquired before 8 July.”
If you are considering an asset purchase – or sale – and want more information on the changes to tax relief on goodwill, please get in touch.
Contact Clayton & Brewill on 0115 950 3044 or click here to send us an email enquiry.
Clayton & Brewill is a firm of independent chartered accountants with offices in Nottingham, Melton Mowbray and Long Eaton.