Transfer of a business

Transfer of a business

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Just want to check I have got this right and not missing any thing. If a husband were to transfer there sole trade business to their wife. This would be at a no gain/loss for CGT purposes and the market value would be the base cost if the wife were to sell the business at a future date.

The Husband would need to be a cessation set of accounts for their tax return.

The wife would need to register as self employed, national insurance and the VAT number would need to be transferred to her name.

The main question I have is would the assets be transferred at cost with WDV to the wife or at the market value at date of transfer and would any elections need to be made?

Any help/confirmation would be greatly appreciated.

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By PMY
22nd Aug 2014 18:54

anyone?

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