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Partnership Split

Partnership Split

Two brothers and their wives are in a partnership, four partners, each brother and his wife wants to separate and form their own partnership. The current partnership owns two shops, the split of assets will be each new partnership owning one shop and continuing as they currently are. Will there be any CGT implications? What would be the best way of dissolving the current partnership and forming new ones as this is what they would prefer and are there any tax implications involved? Thank you

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10th Aug 2012 08:55

Roll over on dissolution of partnership

Up to my neck in work as I'm about to go on holiday so this is a real quickie reply! See here re partition of land when a partnership is dissolved which will help re any potential CGT on the shops.

http://www.hmrc.gov.uk/manuals/cgmanual/cg61170.htm

Cathy

raventax@btconnect.com

 

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