The following Corporation Tax guidance note by Tolley in association with Jackie Barker of Wells Associates provides comprehensive and up to date tax information covering:
This note provides guidance on the rules that apply where a company gifts assets to shareholders’ family. For the rules that apply to the disposal of assets to shareholders who control the company see the Connected party disposals guidance note.
Where an asset has been disposed of for a consideration not made on an arm’s-length basis, the actual consideration passed is ignored and the proceeds are instead deemed to be the open market value of the asset at the date of the disposal.
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