.png)
.png)
My client died in December 2004, having been running his own trading company for the last 25 years. The company owned freehold premises from which it had traded for most of that time.
In preparation for his retirement, it was decided to transfer the freehold, which was worth about £350,000, to a holding company formed for this purpose. The holding company was set up on 31 January 2003 and my client's 100% shareholding in the trading company was transferred to it in exchange for 100% of the holding company. The property was then transferred to it.
My client died in December 2004 having been running his own trading company for the last 25 years. The company owned freehold premises from which it had traded for most of that time.
In preparation for his retirement it was decided to transfer the freehold which was worth about £350 000 to a holding company formed for this purpose. The holding company was set up on 31 January 2003 and my client's 100% shareholding in the trading company was transferred to it in exchange for 100% of the holding company. The property was then transferred to it.
My client was diagnosed with cancer early in 2004 and so trading ceased in September 2004 as it was impossible for him to carry on.
HMRC are disallowing business property relief for the shares in the holding company which included shares in the trading subsidiary on the...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
