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LLP to limited
In April 2007 husband and wife formed a limited liability partnership (LLP) that purchased a recruitment business from an unconnected sole trader of 19 years.
In March 2008 the couple realised that they did not really want to trade via an LLP and they had actually only formed one on the advice of their then accountants. They transferred the business and of course the purchased goodwill into an incorporated company.
Logic suggests that all the goodwill was created prior to them purchasing it from the LLP i.e. in real terms it was bought from an unconnected party and was simply transferred. However technically the limited company purchased the goodwill from a related party (the LLP).
Our question is whether corporation tax relief can be claimed on the amortisation of the...
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