Hidden amongst the detail of the Summer Budget was this surprise announcement.
No more tax relief for the amortisation of purchased goodwill and customer related intangible assets.
The relief was introduced in 2002 to bring the tax treatment of these assets in line with the accounting treatment. This change is an unexpected move away from this general trend.
The restriction applies for acquisitions made on or after 8 July 2015. Relief will continue to be available for business goodwill and customer related intangibles acquired before this date.
For further information please contact Lesley Sutton on 01484 550 037 or email email@example.com.