Business incorporated on date of de facto transfer
In 2 Green Smile Ltd v HMRC [2023] UKFTT 15 (TC) (20 December 2022) the FTT allowed the taxpayers’ appeals and decided that there had been a de facto transfer of a dental business from a partnership to a company established by the partners on 1 December 2014. This meant that all income generated by the dental business after 1 December 2014 belonged beneficially to the company and that the company was able to amortise acquired goodwill for tax purposes as claimed in its accounts.
Prior to December 2014 two partners carried on a dental practice business in partnership from premises in Dartford. The partners decided to incorporate so they set up a company for the purpose of succeeding to the business.
On or around 30 November 2014 there was an oral agreement to transfer...
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Business incorporated on date of de facto transfer
In 2 Green Smile Ltd v HMRC [2023] UKFTT 15 (TC) (20 December 2022) the FTT allowed the taxpayers’ appeals and decided that there had been a de facto transfer of a dental business from a partnership to a company established by the partners on 1 December 2014. This meant that all income generated by the dental business after 1 December 2014 belonged beneficially to the company and that the company was able to amortise acquired goodwill for tax purposes as claimed in its accounts.
Prior to December 2014 two partners carried on a dental practice business in partnership from premises in Dartford. The partners decided to incorporate so they set up a company for the purpose of succeeding to the business.
On or around 30 November 2014 there was an oral agreement to transfer...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
