.png)
.png)
HMRC had originally contended that a sale of property by a partnership had been trading and not a capital gain and profits had been understated by more than £1 000 000.
An alternative assessment had been raised accepting the sale was capital but rejecting a claim for business asset taper relief.
The result would have been that each partner would have made a capital gain of £110 099 and each profit share would have been increased by £74 166.
The Revenue issued an amended statement of case accepting the partnerships’ contention and stating that “the profit should be increased by £74 166.”
The partnership’s accountants sent an email to the taxman and the tribunal centre stating the partnership “wish[ed] to withdraw [its] appeal against the contention by HMRC that the partnership profit should be increased by £74 166”.
The Revenue issued amended returns showing an...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
