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.
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC