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Corporation Tax Balancing Allowance/ Charge

Hello,

My company is a member of a group and is ceasing trading. Currently there is a balance of £142,000 in the main pool. None of the items were sold for sales proceeds. All the items were transfered to another entity of the group without the transfer of any cash taking place. Will that indicate that should be a Balancing allowance for the entity that is ceasing trading anf which are the implications for the entity the items are transferred to?

Thank you

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01st Nov 2018 10:08

Surely the group’s tax advisers are on top of this already. Have you asked them?

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01st Nov 2018 10:13

Quote:

All the items were transfered to another entity of the group without the transfer of any cash taking place.

On who's advice and authority?

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01st Nov 2018 10:18

Take advice from the group accountants.

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01st Nov 2018 10:18

Take advice from the group accountants.

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01st Nov 2018 10:35

Definitely not the right place to be asking this question.

Far too many possible issues.

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