Session details
Session 6.4: Revisiting Goodwill
Goodwill as a concept is important in both a legal and a commercial setting.
In a legal setting, it has an impact across a number of areas of law, from taxation to commercial transactions to the law of passing off. In the commercial setting, goodwill is recognised as an asset for accounting purposes.
All practitioners, particularly those new to the profession, need to understand goodwill and implications that arise because of its existing.
The purpose of this session is to provide a refresher on what is goodwill and its tax implications, and will cover the following topics:
- The legal definitions of goodwill, as espoused in the cases of Muller’s Margarine, Murry and Placer Dome
- Contrasting the accounting and legal definitions
- Valuing and transferring goodwill
- The impact of goodwill on tax, and
- The impact of recent cases
Speaker: Dr. Nick Gangemi, CTA, William Buck