DEDUCTION OF EXPENDITURE OVER GOODWILL DISALLOWED

摘要

In Mulloy v Revenue and Customs [2016] UKFTT243, Kevin Mulloy was a sole trader working as a combined property managing agent and estate agent/mortgage adviser since 1 September 2004. Mulloy's business was sold on 17 November 2010. The goodwill was sold for a consideration of £134,100, of which £28,700 was paid to his wife, from whom he was to be separated. The appellant claimed that the amounts he had invested in the business were a debt owed to him that would not be repaid and therefore should be deducted from the disposal proceeds.