05 January 2006
Our client traded for several years as a sole trading self-employed independent financial adviser. The business was then incorporated in June 2003. Goodwill was valued — we believe realistically — at £12,500 and was sold to the company. The capital gain on this asset was covered by the business asset taper relief and the annual tax exemption. The goodwill has been amortised in the company accounts, but no tax relief has been claimed by the new company because it was a pre-April 2002 asset that had been transferred from a connected person.
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