Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Is Goodwill Stampable - incorporation

  • 01-12-2017 8:12pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    I think I asked this a long time ago in terms of a larger overall question and didn't get consensus.
    Very straightforward - If Veterinary Surgeon A incorporates his sole trade and gets consideration for assets including substantial goodwill, is the goodwill stampable?
    Reading Section 101 Stamp Duty Act would appear to exempt IP in terms of trademarks etc, not goodwill of owners.


Comments

  • #2
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    Heisenburg81 wrote: »
    I think I asked this a long time ago in terms of a larger overall question and didn't get consensus.
    Very straightforward - If Veterinary Surgeon A incorporates his sole trade and gets consideration for assets including substantial goodwill, is the goodwill stampable?
    Reading Section 101 Stamp Duty Act would appear to exempt IP in terms of trademarks etc, not goodwill of owners.

    Any takers?


  • #3
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    Goodwill is stampable but in a lot of connected transactions the deed may not be stamped.


  • #4
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    Why? Is there a legislative reference which dispenses with the requirement?
    If a sole trader transfers a building to a company this is stampable even though they are connected.


  • #5
    taxstudent101
    Registered Users, Registered Users 2 Posts: 13 ✭taxstudent101


    Yes. stampable. The IP provision does not apply to Goodwill. Have a look on taxfind


  • #6
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    Don't think Vets can incorporate. Veterinary Practice Act 2005 prevents them from trading through a body corporate.

    If there's a document then there is stamp duty.

    However it can be done by transfer by delivery. Check out taxfind. Not available for buildings though..


  • Advertisement
  • #7
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    thegolfer wrote: »
    However it can be done by transfer by delivery. Check out taxfind. Not available for buildings though..

    Could you explain the concept of transfer by delivery? Is it simply a case that because Mr A is transferring his sole trade business to a Limited Company in which he owns the shares, the transaction doesn't need to be covered by a legal document and as such does not need to be stamped? Or does the transfer need to be undertaken in a specific manner to be deemed transferred by delivery?


  • #8
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    HcksawJimDuggan wrote: »
    Could you explain the concept of transfer by delivery? Is it simply a case that because Mr A is transferring his sole trade business to a Limited Company in which he owns the shares, the transaction doesn't need to be covered by a legal document and as such does not need to be stamped? Or does the transfer need to be undertaken in a specific manner to be deemed transferred by delivery?

    What I understand is that if there's a document detailing the assets the there's sd payable. But if you agree to transfer, no document, then no sd. Works for fixed assets, gw exempted if it refers to an asset within 291a.

    Most likely smaller transactions get away with the pass by delivery, though the larger transactions would come under scrutiny.

    Taxfind refers to pass by delivery.


Advertisement