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Conflicting views

10 September 2008
Issue: 4175 / Categories: Forum & Feedback
Trading premises and entrepreneurs' relief

I have read conflicting views in recent weeks regarding the availability of entrepreneurs' relief for trading premises owned by a partnership and sold at a later date than when the business is sold.

I envisage the situation where the premises are owned by the partners jointly and recorded on the balance sheet as a partnership asset. The subsequent sale of premises would not be an 'associated disposal' which can be made within a three-year period as this is intended to apply to the situation where the asset is owned by an individual outside the partnership. Also the Budget guidance notes state that where a business is not disposed of but simply ceases there is a three-year time period allowed for assets in use at the time of cessation of the business.

Does that mean that if the partnership business is sold as a going concern rather than...

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