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Where Taxpayers and Advisers Meet

Partnership

Nonimous
Posts:90
Joined:Thu Jul 16, 2009 12:39 pm
Partnership

Postby Nonimous » Wed Feb 05, 2020 6:05 pm

Client has informed us well after the event that he bought a property, extended it, built a second property in the garden and has now sold the lot
As intention was only ever to make a profit rather than to live in it, and he was a builder/developer in the past, we think it should be treated as a trade
Client has asked if we can run it through the partnership he used to have with his wife
Am inclined to think not since neither of the properties were in joint names, but would be interested to hear of other views

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Partnership

Postby pawncob » Thu Feb 06, 2020 1:40 pm

"Used to have" a partnership? I infer that the partnership has ceased, so the answer is no, but he could always form a new partnership. Partnership property doesn't have to be owned by all the partners.
With a pinch of salt take what I say, but don't exceed your RDA


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