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Knitware v HM Inspector of Taxes: SCIT 9 Jun 2003

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:

Bailii

Jurisdiction:

England and Wales

Income Tax

Updated: 10 June 2022; Ref: scu.195426

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