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CHARLES SMITH contends that goodwill and land should not automatically be bundled together
KEY POINTS
- No statutory authority for a distinction between movable or immovable goodwill.
- Capital gains tax treatment as an intangible.
- Goodwill and its accounting treatment.
- Is goodwill created by people or property?
- Is the SDLT charge trying to recoup lost stamp duty?
- The RICS view that 'bundling is no longer an option'.
In the sale of a business and assets as a going concern the imposition of stamp duty land tax (SDLT) on goodwill seems to lack any authority.
To state the obvious land and goodwill are inherently different from each other. Goodwill is intangible and land is touchable; goodwill is transient but land is permanent; goodwill is unstable while land is solid; goodwill is ephemeral although land is physical.
Their respective legal characteristics are as...
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