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I’m sorry I keep coming up with so many doubts.
It’s about Goodwill.
In section 4, Rollover relief, goodwill is included.
But in section 6, gift relief, goodwill is not included. My question is why is it not included in gift relief?
And another question I had is if a remaining gain didn’t qualify for BADR after a gift relief has been claimed, then what would the potential treatment be?
Thank you once again.
The tax rules around goodwill are very complicated due to the intangible nature of the asset, but all you need to know is that goodwill is generally not a qualifying asset for gift relief.
If a gain remains after a gift relief claim does not qualify for BADR, then it would be taxed at the normal rates of 18%/24%.
How often is Goodwill asked in the exam related to rollover relief? I’m a bit worried about this one that’s why.
I have understood the rest that you’ve explained.
Thank you so much.
It’s not usually examined computationally in a rollover relief context, but in an objective test question you may be asked something like ‘which of the following are/are not qualifying assets for rollover relief’.
Yes, but only for individuals, not companies. The treatment of goodwill for companies is very different but that’s not on your syllabus.
I have a new doubt regarding Chapter 15. I’m not sure if I am supposed to open it as a new topic or I can post it here. Apologies if I am not supposed to post it here.
My doubt is about the taxpayer requesting for amendments.
In Section 4 (g), it states that the taxpayer can give notice within 12 months of the 31 January 2028.
In Section 11, the appeal against amendments must normally be made within 30 days of the amendment.
This part is confusing me.
Thank you once again for helping. I’m so glad to have you as our tutor. And also thank you for quick responses.
Actually I have an exam next month, that’s why I’m kind of rushing things up a bit.If your post is unrelated to the original post, you should open it as a new post as it makes it easier for other students to search and find it.
If the amendment is made by HMRC and the taxpayer does not agree, then the 30 day rule applies.
I’m really sorry about posting it here.
Okay now I got it clearly. It meant taxpayer can make an appeal within 30 days of he doesn’t agree to HMRC amendments.
But 12 month rule applies if he wants to amend his own returns which he thinks that he might have made error etc.That’s very clear now.
Thank you 🙂
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