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Alfie owns a public house. Originally the building was acquired by Alfie Billy and Charlie in partnership in April 2010 for £500 000 but the pub business was owned only by Alfie and Billy.
When the premises were acquired the option to tax was exercised to facilitate repayment of VAT as the vendor of the pub building had himself opted and charged VAT on the sale to Alfie Billy and Charlie.
The pub business was not operating at the time of acquisition.
Alfie Billy and Charlie have charged a peppercorn rent to Alfie and Billy for running the pub of £10 per month substantially below the market rent.
On 1 September 2010 by way of a solicitor’s agreement Billy and Charlie assigned their right to any future profit from the sale of the pub building to Alfie although no entry...
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