Part V U.K. Transfer of business assets[F1 , entrepreneurs' relief and investors' relief]

Textual Amendments

F1 Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)

Chapter I U.K. [F2 Transfer of business assets:] General provisions

Textual Amendments

F2 Words in Pt. 5 Ch. 1 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(2)

Replacement of business assets U.K.

[F3 156A Cessation of trade by limited liability partnership. U.K.

(1) Where, immediately before the time of cessation of trade, a member of a limited liability partnership holds an asset, or an interest in an asset, acquired by him for a consideration treated as reduced under section 152 or 153, he shall be treated as if a chargeable gain equal to the amount of the reduction accrued to him immediately before that time.

(2) Where, as a result of section 154(2), a chargeable gain on the disposal of an asset, or an interest in an asset, by a member of a limited liability partnership has not accrued before the time of cessation of trade, the member shall be treated as if the chargeable gain accrued immediately before that time.

(3) In this section “the time of cessation of trade”, in relation to a limited liability partnership, means the time when section 59A(1) ceases to apply in relation to the limited liability partnership.]

Textual Amendments

F3 S. 156A inserted (6.4.2001) by Limited Liability Partnerships Act 2000 (c. 12), ss. 10(4), 19(1); S.I. 2000/3316, art. 2