.png)
.png)
My client traded as a petrol station by way of a limited company for more than 15 years. In February 2018 the company entered into a lease agreement an option agreement and an operator’s agreement with a third party limited company.
The lease was for two years at a fixed rental plus VAT the operator agreement was to run the business for a nominal £1 plus VAT and the option agreement to buy the site at an agreed price either in the first or second year.
In July 2019 the operator exercised the option and the site was sold. At the time there was also an ongoing VAT tribunal case regarding car wash rental. The tribunal case was heard and finalised in February 2021.
Would the company qualify for business asset disposal relief if it was now liquidated and funds distributed by...
