Are the fixed assets disposed of on the date of cessation in a partnership at the tax written down value or net book value if a lease is involved? Or are they just left in the Balance Sheet of the partnership? What happens to Premises if these are not brought into the company is there CGT?
Aoife
Related resources
Replies (1)
Please login or register to join the discussion.
If all the assets[other than cash] in the partnership are not tr
That answers the second question in part-but if the partners retain the lease there is no dipsoal of it anyway. the CGT probelms then areise on other assets-?goodwill- which are transferred to the Ltd Co.
Holdover relief under s.165 may still be available.
So far as concerns assets on which WDA's have been claimed, if shareholders of the comapny are iodentical with partners of the partnership, then CAA 2001, s265 applies .