New client has transferred property portfolio into ltd. company. All conditions met for incorporation relief and clearance obtained by previous accountant. What if any entries are required on personal return.Sorry if this is something that I should know but first time of coming across it. Many thanks for help.
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It depends on the incorporation. Was the consideration wholly for shares or was it partly for shares and partly for cash/credited DLA?
What clearance did they get?
https://www.taxadvisermagazine.com/article/tcga-1992-s162-roll-over-reli...
I have seen a number of "interesting" uses of this legislation where its blatantly not a business, and the 'clearances' have not been worth the paper they are written on.
Agreed, does any clearance received deal with the large elephant in the corner of the room given the substance of the article I linked, if that article is taken at face value the business/non business question will not have been answered, so what is getting clearance?
My question too.
Along with: why leave the accountant that obtained clearance (whatever that does mean) partway through the process?
@tax dragon, this is because the business doing these are not proper accountant's They are just churning out (for massive fees) very iffy clearances around this point.
They are not interested in being the accountant for this business for the next 20 years, its big payday, and *poof* onto the next thing. Same as the outfits doing the R&D scams.
Whilst HMRC idly looks on.............
Ah, so it's clearance in the sense of "HMRC has approved our plan because they've added the word 'normally' to a manual". Not clearance in the sense of... well, clearance.
Happily, I've not had to think about what I would do in reality. Any client that has thought about doing this has, thankfully, valued our advice over that of the scheme promoters.
Yes a large outfit which has yet to provide me with any information re transfer/HMRC consent. in spite of several email and letter requests.
Many thanks for responses