TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Treatment of goodwill on the disposal of a business

In a new manual, Revenue set out a number of principles they apply when determining if goodwill exists and the treatment of goodwill on the disposal of a business.

The three page manual “guiding principles in relation to the treatment of goodwill on the disposal of a business” provides an outline of Revenue’s view on the tax treatment of goodwill.

Finance Act 2017 introduced anti-avoidance provisions and amended section 598 of the Taxes Consolidation Act 1997 (TCA 1997) to deny retirement relief in relation to certain transfers involving goodwill. Section 599 TCA 1997 and section 597AA TCA 1997 are also amended.

The manual is published on the Revenue website www.revenue.ie.

A new version of TaxSource and TaxSource Total, Chartered Accountants Ireland online tax resource, is now available and includes the amendments made by Finance Act 2017 to Irish tax legislation.

The 2018 editions of tax legislation, updated to Finance Act 2017, from the Chartered Tax Library will be published soon.