The new intangibles

However where goodwill was acquired from a related party the intangibles regime only applies to the goodwill that was created wholly after 31 March 2002. Does the word 'wholly' apply to the entire amount of the goodwill or only the part of the goodwill created since 31 March 2002?

If for instance a business was incorporated in September 2005 where the goodwill was deemed to be say £20 000 at 31 March 2002 and £50 000 at 30 September 2005 could any relief be claimed on the £30 000 of goodwill which had been generated since 31 March 2002 or is this an all or nothing test?
 

Query T16 692 — Partner.

Reply by Hodgy:

FA 2002 Sch 29 para 118 sets out the fact that the new rules will only apply to an asset...