Sole Trader to Partnership CA's

bigmuggsy

Hi

Sole trader set up in partnership, does the WDV on his asset simply carry forward into the partnership as long as agreed by the individual in question?

Many thanks for your help

T.C.

I can't see why it wouldn't if both parties were in agreement.

Monsoon

Yes I think transferring at tax WDV is pretty normal - you'd use the WDV of the previous period so if they formed the partnership in 2010-11, you transfer at the WDV of 2009-10

wildgoose1uk

As long as it is a fair value I cannot see a problem.

bigmuggsy

Many thanks.

Mike