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JENNY NELDER provides an update on HMRC's current views on goodwill
KEY POINTS
- A reminder of the Balloon Promotions case.
- Is there a lack of consensus in HMRC?
- Recent changes to HMRC manuals.
- Is location key to goodwill?
- Add your voice; has anything changed?
For 70 years or more HMRC have had regard to the animals and to the nineteenth century case of Muller & Co Margarine v CIR [1901] AC 217 and Whiteman Smith Motor Co v Caplin [1934] 2 KB 35 when identifying goodwill for tax purposes.
As accountants we tend to think of goodwill in the terms set out in FRS10 i.e. the difference between the cost of an investment and the values attributed to the assets and liabilities. In this article I consider goodwill in the context of property-based businesses. Such businesses include restaurants pubs ...
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