header-logo header-logo

Tax

15 November 2013
Issue: 7584 / Categories: Case law , Law digest , In Court
printer mail-detail

Armajaro Holdings Ltd v Revenue and Customs Commissioners [2013] UKFTT 571 (TC), [2013] All ER (D) 41 (Nov)

Schedule 29 to the Finance Act 2002 applied to goodwill as it applied to an intangible fixed asset. Goodwill in Sch 29 had the same meaning as it had for accounting purposes. Intangible fixed asset was defined by para 2(1) of Sch 29 in relation to a company but not in relation to a partnership or LLP. Entitlement to relief under Sch 29 to the 2002 Act was dependent on the expenditure being reflected in the accounts of the company claiming entitlement to relief. The accounts had to be drawn up in compliance with UK GAAP. Relief under Pt 2 of Sch 29 was given by reference to expenditure written off or written down for accounting purposes. If accounting rules or practice did not permit the expenditure on acquiring an interest in an LLP to be treated as the acquisition of the LLP’s intangible fixed assets included then s 118ZA of the Income and Corporation Taxes Act 1988 did not change the accounting rules or

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
The Court of Protection has ruled in Macpherson v Sunderland City Council that capacity must be presumed unless clearly rebutted. In this week's NLJ, Sam Karim KC and Sophie Hurst of Kings Chambers dissect the judgment and set out practical guidance for advisers faced with issues relating to retrospective capacity and/or assessments without an examination
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
back-to-top-scroll