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I act for a partnership which carries on a trade as motor traders/garage workshop. The trade was originally conducted solely by the father. Some years ago he admitted his son into partnership with him. At that stage no conveyance or other legal transfer of title to the garage premises was made into the name of the son in whole or in part.
I act for a partnership which carries on a trade as motor traders/garage workshop. The trade was originally conducted solely by the father. Some years ago he admitted his son into partnership with him. At that stage no conveyance or other legal transfer of title to the garage premises was made into the name of the son in whole or in part. Is there an arguable case here to support the assertion that as the business premises appear on the partnership balance sheet and have been and remain legally registered at the Land Registry in the name of the father only that any transfer of value of the garage premises by the father either inter vivos or on death would qualify for 100% business property relief?
I understand from recent correspondence in Taxation that the rights of partners in partnership property generally are represented by...
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