Global

Details

  • Service: Tax, Global Indirect Tax, International Executive Services, International Tax
  • Type: Regulatory update
  • Date: 10/4/2013

United Kingdom - Apportioning transaction price to goodwill  

October 4: HM Revenue & Customs (HMRC) updated a practice note on the apportionment of transaction prices to goodwill in situations involving trade-related property (public houses, care homes, hotels, petrol stations, restaurants, etc).

Since a 2006 case, which effectively recognized that goodwill can exist in some instances, it has been observed that there is still a wide gap between the HMRC position versus the position of tax practitioners.


Read an October 2013 report [PDF 607 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (4 October 2013)


Also included in the KPMG report are the following topics:


  • Stamp duty: Resting in contract
  • Commission infringement announcements
  • Amendments to implementing regulation on the place of supply of services
  • UK-Swiss tax cooperation agreement
  • HMRC launches “let property” campaign
  • Marriage transferable tax allowance



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