Business Asset Taper Relief

Business Asset Taper Relief

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Individual lets out a business property to an unquoted trading company. Post 6/4/04, this would normally qualify as a business asset for taper relief purposes. However, does anyone know if this is still correct if the unquoted trading coy. is a wholly owned subsidiary of a plc?
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susan mason

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By AnonymousUser
18th Apr 2007 15:44

By plc ...
.. do you mean quoted? If so, then BATR will not apply

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By AnonymousUser
18th Apr 2007 16:56

plc/quoted
David,
Yes, I did mean quoted. Do you know where the legislation is which confirms that an unquoted company owned by a quoted cannot have BATR? (I am not doubting your response-just need the techy details!!)

Thank you

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By User deleted
18th Apr 2007 17:07

Quoted Co's
In very limited circumstances the sale could qualify for BATR.

The company to which the property is let must be a qualifying company with regard to the individual who lets the property. Usually an unlisted trading company will meet the requirements. However when the company is in a group it is the parent company which must be considered. Therefore as in your case the parent is listed, the individual must work for the parent company for the asset to qualify for BATR.

This can be found in Schedule A1 para 5 & 6 TCGA 1992

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