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Four buy four

10 May 2011
Issue: 4303 / Categories: Forum & Feedback , VAT
Four professionals have traded in partnership for a period of years, but now wish to transfer their interests to four limited companies that will trade in partnership. Subsequently, one of the companies will leave the partnership

Partnership professionals A B C and D have traded together for many years but for commercial reasons each wishes to have their personal interest in the business transferred to A Limited B Limited C Limited and D Limited from 6 April 2011 onwards.

The partnership contains a separable activity which is being run by C. If a genuine split in the business occurred at 5 April 2012 with A Limited B Limited and D Limited continuing but C Limited commencing a fresh company can readers answer the following points?

First will this be a VAT transfer of a going concern (TOGC) at the later date only?

Second individual capital gains tax disposals occur at 6 April 2011 (where entrepreneurs’ relief can apply) but what are the capital gains tax...

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