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Summer Finance Bill: Amortisation of corporate goodwill

The abolition of the tax deduction for the amortisation or impairment of purchased goodwill by companies is a major makeover of the corporation tax landscape. 

Back in FA 2002 the government bought in two major changes to the corporate tax landscape. The first was the substantial shareholdings exemption which meant that trading companies or groups selling trading subsidiaries or sub-groups would usually not pay any corporation tax on any gains arising. At the same time the special corporation tax regime for intangible fixed assets was introduced. For most people the main effect of this new regime was that if a company were to buy a business the amortisation or impairment of the goodwill would be deductible for corporation tax purposes. Both regimes were welcome...

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