I have a husband and wife trading partnership running a B&B. The trading premises are currently outside the partnership accounts and I am keen to get them on to the balance sheet to avoid 50% BPR and secure 100% BPR. (The property is held jointly and the profits have always been split equally. )
There are borrowings of aprox £200k and my question is am I right in saying there is no CGT or SDLT chargeable upon a move to balance sheet? Is it as simple as including them in the accounts at current market value? Do we need to have a legal document indicating the transfer?