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Losses f/wd on incorporation

Heisenburg81 · 2017-08-20 13:58:11

Legislation specifically mentions cessation of a trade and therefore the forfeiture of losses on death (except when spouse takes over) and on sale or transfer to partnership. Transfer of trade to a company is not mentioned (of course open to correction). Do you lose losses forward on incorporating your trade?

20-08-2017 1:58pm

#1

Heisenburg81

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Legislation specifically mentions cessation of a trade and therefore the forfeiture of losses on death (except when spouse takes over) and on sale or transfer to partnership.
Transfer of trade to a company is not mentioned (of course open to correction).
Do you lose losses forward on incorporating your trade?

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Comments

#2 21-08-2017 6:51pm

Heisenburg81

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Anyone?

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#3 21-08-2017 9:49pm

thegolfer

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Cessation of a sole trade, thus terminal loss relief applies. Yes losses are lost going forward as trade is in a different entity now.

However must also consider if the business is a going concern to incorporate in the first instance if losses are accruing.

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