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One of our clients was a partner in a partnership (not an LLP) with one other partner. When the partnership was originally set up they purchased an office building which they rented out for many years until 2016.
The property became vacant and they converted it to residential use before selling in October 2018 when the partnership ended.
I understand that a non-trading partnership cannot claim capital gains tax entrepreneurs’ relief. However given the specific circumstances of this case would this business qualify as a trading partnership and be able to claim relief?
I look forward to hearing from readers.
Query 19 496 – Trader.
Reply by Cello Boy
In the absence of a trade a partnership may not exist.
It is not stated whether the partnership had a separate trade as well as the rental of the office building. In the absence of...
