Good Morning.
I look after a partnership where the husband and wife partners are thinking of running down their activities - both are active but past normal retirement age. I have discussed in the past with them disposal of the business but the husband has always been of the opinion that the "business dies when I stop". The business comprises in part the buying and selling of office furniture and also acting as a UK agent (commission) for a couple of overseas suppliers. Any 'goodwill' is internally generated and not recorded in the partnership books.
There has arisen situation where an exiting business contact has expressed an interest in taking over the larger overseas agency and may be willing to pay for the privilege of being introduced and working alongside the existing partners to ensure smooth transition.
I am thinking that this could be treated as a part disposal of the business by the partnership and therefore subject to CGT rather than income tax (the partners are unlikely to have further capital disposals in the current tax year) and perhaps also Entrepreneurs Relief may be available. The consideration is unlikely be large - perhaps £50K
I'd be grateful for any steer anyone might give me
Thank you
WB