Finance Act 2009 Explanatory Notes

Summary

1.Section 70 introduces legislation to confirm the tax treatment of goodwill provided for by the corporate intangible fixed assets regime (‘the regime’) at Part 8 of the Corporation Tax Act 2009 (formerly Schedule 29 to the Finance Act 2002)

2.Section 70 confirms that for the purposes of the regime, goodwill includes ‘internally-generated goodwill’, and that all goodwill is created in the course of the carrying on of a business and is subject to rules determining whether goodwill is treated as being created before or after 1 April 2002.

3.Corresponding amendments are made to the rules governing whether assets representing non-qualifying expenditure are treated as being created before or on or after 1 April 2002.

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