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The appellant company Greenbank Holidays which operated camping holidays in Europe was owned by a UK listed company.
In 1998 another tour operator K Ltd was acquired. In 2003 Greenbank bought K’s business including the goodwill.
The appellant company claimed a deduction for the goodwill in its accounts under FA 2002 Sch 29. HMRC refused the claim on the basis that the claim for goodwill had not been created within the meaning of Sch 29 para 118(1)(a) (now CTA 2009 s 881 and s 882) on or after 1 April 2002.
The company appealed saying that the goodwill had been created after that date.
The First-tier Tribunal said that for the purposes of
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