This On Demand was recorded on 1 November 2022.

The new tax rules for purchase price allocation have now been in effect for a year. How are they working in practice and what are the common issues? What, if anything, can your client do if an allocation wasn’t made or there was an error? With tax implications for both vendors and purchasers in property and business transactions, and other situations where it may not be obvious that a purchase price allocation is required, legal advisors need to fully understand the rules – and be able to advise clients when deals are being negotiated and agreements are being signed.

Presented by an experienced tax lawyer and representatives of Inland Revenue’s customer compliance team, this On Demand will provide key insights for everyday practice.

Who should view?

All legal professionals involved in negotiations and contracts for sales and purchases of properties and businesses. Real estate agents, valuers and accountants would also benefit from viewing.

Learning Outcomes

• Refresh your understanding of the tax rules for purchase price allocation, who and what they affect, and how they work.
• Become better informed of the implications of not allocating purchase price, and the remediation options available where the parties got it wrong.
• Receive guidance on where errors commonly occur, and benefit from useful examples.

Presenter Details

Presenter

Helen Johnson | Partner, PwC Legal

Presenter

Iain McConville | Technical Specialist, Customer Compliance Services – Business, Inland Revenue

Presenter

Nico Murray | Customer Compliance Specialist, Customer Compliance Services – Business, Inland Revenue