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".