This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.


Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Capital Loss on dissolution of partnership

Posts: 2
Joined: Wed Aug 06, 2008 3:44 pm

Postby kulen » Thu Oct 19, 2006 6:50 am

News agent carried on as a partner ship business had to be closed down for not renewing the lease .

Due to this goodwill & origonal lease payment as an asset. what is the tax position of this loss.

thank you for your assistance.

Simon Sweetman
Posts: 1690
Joined: Wed Aug 06, 2008 3:11 pm

Postby Simon Sweetman » Thu Oct 19, 2006 11:17 pm

The tax position is that the original lease payment and goodwill were acquired by the partners, and so the loss belongs to them proportionately. It is a CGT loss and can be carried forward against future capital gains.

Return to “Tax Investigations and Enquiries”