| Commentary

22.2 Calculating the gain or loss

| Commentary

22.2 Calculating the gain or loss

The calculation of the gain for capital gains tax purposes is made according to the usual rules1 with each partner being able to deduct his share of any allowable expenditure from his share of the consideration for the disposal.

As with the position of the sole trader discussed above, the most significant relief available to a partner disposing of his share in a partnership asset used to be taper relief and, provided that he had held that share for at least two years and that the asset counts as a business asset for these purposes,

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