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HMRC’s approach to goodwill and trade-related properties is a misinterpretation of regulations
KEY POINTS
- Was HMRC’s change of approach influenced by the potential for tax relief rather than tax liability?
- HMRC’s view of goodwill and trade-related properties.
- A summary of the relevant financial reporting standards.
- How is fair value determined?
- A tribunal hearing may be the only way to resolve matters.
In 2009 the Valuation Office Agency (VOA) issued a practice note: Apportioning the price paid for a business transferred as a going concern (www.lexisurl.com/VzIVf). This related to what is known as trade-related property (TRP) – pubs clubs nursing homes and the like.
These properties are normally valued on the basis of their trading potential. I wrote an article for Taxation on behalf of the Royal Institution of Chartered Surveyors (RICS) The goodwill game following a...
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