Corporation Tax Act 2009 section 715

Application of this Part to goodwill

Section 715 confirms that goodwill is treated as an intangible fixed asset for corporation tax purposes and sets out how the intangible fixed assets regime applies to it.

• Goodwill is subject to the same corporation tax rules as any other intangible fixed asset under this Part
• This general treatment is subject to specific exceptions, particularly the rules in Chapter 15A dealing with debits for goodwill and certain other assets
• Goodwill takes its meaning from accounting standards, and this includes internally-generated goodwill as well as purchased goodwill
• For the purposes of this Part, goodwill is regarded as having been created in the course of carrying on the relevant business