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Cessation of a property business in a company

Cessation of a property business in a company

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Hi,

Does the cessation of a property business in a company trigger the end of an accounting period (i.e. for tax) in the same way the cessation of a trade does?

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By Portia Nina Levin
06th Feb 2018 15:41

No. Not unless it results in the company leaving the charge to corporation tax (ie by not having any other insome sources).

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By Tax Dragon
06th Feb 2018 16:14

Ceasing to trade. Not ceasing a trade.

It's all in s10 CTA 2009. Asking on Aweb is no substitute for reading the law.

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Replying to Tax Dragon:
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By aidious
06th Feb 2018 16:56

If only there was legislation on manners, perhaps then you might have some. Why do you come on these forums? If it's for in-depth technical discussions about obscure scenarios then I'm afraid you're in the wrong place.

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By Tax Dragon
06th Feb 2018 17:14

aidious wrote:

If it's for in-depth technical discussions... you're in the wrong place.


I've noticed. But I wouldn't call s10 obscure. Or in depth. Or even particularly technical. And by referring you to it, I have given you certainty, rather than an unsubstantiated answer from some random, anonymised respondent.

You might not have liked my tone. Poor you. But don't question my intentions.

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By aidious
06th Feb 2018 18:14

Your intentions are unquestionable. They are clearly to patronise.

I’m not suggesting s10 is technical or obscure. I’m suggesting your dismissive response indicates you are offronted by anything you deem to be trivial.

As a, now irrelevant, aside, s10 doesn’t necessarily provide a conclusive answer to my question. With it being a list that often appears within the first few pages of any tax study book, it is a list with which I’m familiar. I’m well aware trade cessation is on there, as my question made clear. What isn’t clear is whether there is legislation elsewhere which says the cessation of a property business would trigger a similar computational and administrative consequence.

There are a few of you on here who regularly post obnoxious and rude responses to people asking tax queries. Perhaps it’s your hobby. I’m glad you have found something constructive to do with your free time.

Thanks to all those who post with a genuine intention to help.

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Replying to aidious:
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By Tax Dragon
06th Feb 2018 18:36

Ah, now you are getting interesting. Legislation that deems a property business to be a trade for the purpose of s10, perhaps? Or maybe just if it's an FHL?

Good shout.

Why would that be an irrelevant aside?

My intention is to be provocative - I think it is good for people at least to check answers they (think they) get here.

I am too ignorant to patronise. If that's how you read me, you are badly mistaken.

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