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Goodwill Amortisation Tax

  • 07-04-2017 2:53pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Is goodwill purchased by a company from a sole trader (connected party) allowable as an expense when amortised or is it an addback?  
    Intangible assets capital allowances not applicable for this type of purchased goodwill


Comments

  • #2
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    No.


  • #3
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Heisenburg81 wrote: »
    Is goodwill purchased by a company from a sole trader (connected party) allowable as an expense when amortised or is it an addback?  
    Intangible assets capital allowances not applicable for this type of purchased goodwill

    I think you're after answering your own question there... if it doesn't qualify under S.291A then it has to qualify under some other heading.

    It's not a deduction under S.81, as it relates to capital rather than revenue - if you were to argue otherwise then you'd be looking for a 100% deduction in year of acquisition.

    All that's left then are the other wear & tear provisions, and goodwill is not plant or machinery...!


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