Hi
Company A has an intercompany debtor in its books. Co A is ceasing trade. Company B has a corresponding intercompany creditor in its balance sheet. Co B is not ceasing trade
Co A is owned by Director A [100% shares] and Co B is owned by Director A [50%] and his wife [50%]
When Co A ceases and the journal is Dr P&L exceptional items, Cr inter debtor, is there a corporation tax impact and likewise is the credit in Co B's profit & los taxable [ie Dr Interco creditor ; Cr P&L]?
Or is there no tax impact because they are deemed connected for loan relationship purposes?
Thanks in advance
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