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Furniture removals

07 May 2008
Issue: 4157 / Categories: Forum & Feedback
Tax on the sale of private items in the owner's shop

My clients (two brothers in partnership) are antiques dealers. Their shop is rented on a fixed lease that expires in March 2010 — and the partners will then retire as they are both in their mid-60s.

The business strategy for the last two years up to 2010 will be to buy no more business stock and as the business stock is sold it will be replaced in the shop by the private furniture and antique items owned personally by the partners in their respective houses. They need to clear a lot of private items because their other plan is to downsize to smaller properties when they retire.

The reality of the above situation is that whereas 100% of stock in the shop is currently business stock for resale there will be a gradual swing so that the majority of the stock will be private items for sale. My...

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