Is a post cessation receipt subject to class 4 NIC?
I am asking this in the context of an incorporation and the valuation of work in progress.
Curiously, an election is available under s.185 ITTOIA 2005 to value WIP at cost in calculating the trading profits of the business to be incorporated with the excess price paid over cost being treated as a post cessation receipt.
I'm asking myself whether the election would save class 4 NIC.
Daren Peacock
