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Goodwill
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Goodwill
Practical Law UK Glossary 6-107-6661
(Approx. 4 pages)
Glossary
Goodwill
In legal terms, an intangible asset, generally described as the benefit and advantage of a good name, reputation and connection of a business, or the attractive force which brings in custom (
IRC v Muller & Co's Margarine [1901] AC 217 (HL)
). For further information, see
Practice note, Overview of passing off: Goodwill
.
In accounting terms, the difference between the value of an acquired business as a whole and the aggregate of the
fair values
of its identifiable assets and liabilities. For further information, see
Practice note, Intangible property: tax: Definition of "intangibles" and "goodwill"
.