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CHRIS HART explains the current state of play concerning the valuation of goodwill for SDLT and capital gains tax purposes
KEY POINTS
- Background to recent consultation on business valuation.
- The underlying principles of the valuation process.
- Case law and ‘just and reasonable’ apportionment.
- Valuing the constituent parts of the business.
- Opening the door to further debate with HMRC.
As will be generally known in the autumn of 2008 the Valuation Office Agency (VOA) entered into a consultation with the Royal Institution of Chartered Surveyors (RICS) over a draft practice note entitled Apportioning the Price Paid for a Business Transferred as a Going Concern.
This document related to the separation of tangible and intangible assets in what valuers refer to as trade-related properties.
As a brief reminder for those not personally involved in such valuations the most common issue is the separation of the goodwill and property elements on the acquisition or...
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