Hello, so husband trading as sole-trader for one full tax year and at the start of the next tax year introduces his wife as a partner to the business.
I'm trying to establish whether CAA 2001, s266 election is necessary to transfers assets at TWDV?
And if indeed a new business has been started? Would there be comparatives in the accounts? Do I declare a commencement of trade date in the wife's Tax Return?
I'd have thought all of the above apply - i.e. one trade ceases and another commences but I'm now questioning this based on BIM82260: https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim82260
But does BIM82260 apply where only a partnership (i.e. of two or more persons) already exisits?
Thanks (I hope I've explained my confusion well enough).