Tainted Taper Relief

Tainted Taper Relief

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I have a client who a few years ago was left a commercial property from her father.

The property was historically let out (for the purposes of business asset taper relief) to a qualifying company who was carrying on a qualifying trade and so qualified for business asset taper relief.

My question is.

For the whole period that the daughter has owned the property the company has been in liquidation, having gone into liquidation just before the transfer (the lease still has a few years to run).

Does this mean that the property will not qualify for business asset taper relief anymore?

watcher

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By User deleted
28th Sep 2007 11:53

Going,going, gone
BATR is not necessarily debarred if the company involved doesn't happen to be trading at a particular time-- it may be gearing itself up to this or perhaps actively looking for a trade to get its teeth into. If so, it can be termed 'qualifying'. Sorry, but I just do not see how a company in liqiudation fits the bill. Is it not looking for death, rather than life ?

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