INCOME TAX – transfer of business assets from partnership to limited company – stock, plant and machinery transferred at agreed values – whether balancing adjustment should be made in partnership accounts in respect of plant and machinery – whether partnership entitled to deduction for bad debts in respect of value of stock – whether partnership was paid by the company for the assets – yes – appeal dismissed – ICTA 1988 S 74(1)(j); CAA 1990 S 26(1)(a)
Citations:
[2003] UKSC SPC00367
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 10 June 2022; Ref: scu.195426