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Partnership Capital Allowances

Heisenburg81 · 2018-03-16 10:37:53

Hello, If a partner leaves a partnership normal cessation rules apply to their several trade and penultimate year revision if necessary. However, in relation to capital allowances - are they entitled to pro rata share of capital allowances from 1 Jan to cessation of their trade? Technically their trading has ceased so…

16-03-2018 10:37am

#1

Heisenburg81

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Hello,
If a partner leaves a partnership normal cessation rules apply to their several trade and penultimate year revision if necessary.
However, in relation to capital allowances - are they entitled to pro rata share of capital allowances from 1 Jan to cessation of their trade?
Technically their trading has ceased so assets not in use at end of period.
I am looking at an exam question with this scenario and they are allowed capital allowances in the year of cessation of their several trade.
This is treated differently so to normal cessation rules for a sole trade?

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Comments

#2 17-03-2018 9:22am

ThumbTaxed

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I don't know but maybe they can as the assets are still in use, just that the partner left?

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