Finance Bill 2000: e-business - Tax boost for web name sales.
The Treasury has lifted a tax threat to dot.com millionaires who have made money from the sale of internet domain names. In the early days of the worldwide web, internet entrepreneurs secured the most sought-after names, selling at inflated prices as the internet grew. Now economic secretary Melanie Johnson has declared domain names – and their goodwill – to be free of stamp duty of up to four per cent. Speaking during a Finance Bill Committee debate she said a Tory amendment to ensure domain names are treated as ‘intellectual property’, which is exempt from stamp duty was unnecessary because domain names already were. The main requirement for exemption is that names are protected by trademark or copyright. Tory Nick St Aubyn complained the government’s refusal to exempt goodwill on the sale of a company would create ‘a minefield of disputes between lawyers and accountants’ in sorting out how much goodwill related to the company and to patents, trademarks and copyright.’ More Finance Bill stories www.accountancyage.com/tax.
The numbers you crunch tell a story. Your expertis...
24yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article