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Transferring property between related limited companies

Transferring property between related limited...

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Company A wants to transfer property to Company B

Cost of property is £1m, they want to transfer at £250k

I believe they need to transfer at MV as companies are under common control.  Can someone point me in the direction of relevant legislation please

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By kenmoody
17th Aug 2010 11:38

Market value rule applies

by virtue of s18 TCGA 1992 as the parties appear to be connected - as defined in s286 TCGA.  Even if not connected under the s286 definition this does not appear to be a bargain at arm's length and so MV would still apply by virtue of s17.

kmtaxconsultant.co.uk

 

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