Had a business partner given up her interest in a property used by the business?
In Lorna Watson v HMRC (TC03738 – 17 June 2014) the FTT held that the taxpayer had given up her beneficial interest in a property used for business purposes.
The issue was whether Mrs Watson had a beneficial interest in a property used for the purpose of running a petrol station at the time of its disposal. This in turn depended on whether upon becoming seriously ill Mrs Watson had effectively retired from the partnership she had run with her husband and given up her interest in it.
The FTT observed that matrimonial property and finance often gives rise to difficulties in identifying what property is owned by what party and in what share. It added that the legal title was not conclusive in respect of the beneficial interests.
The...
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Had a business partner given up her interest in a property used by the business?
In Lorna Watson v HMRC (TC03738 – 17 June 2014) the FTT held that the taxpayer had given up her beneficial interest in a property used for business purposes.
The issue was whether Mrs Watson had a beneficial interest in a property used for the purpose of running a petrol station at the time of its disposal. This in turn depended on whether upon becoming seriously ill Mrs Watson had effectively retired from the partnership she had run with her husband and given up her interest in it.
The FTT observed that matrimonial property and finance often gives rise to difficulties in identifying what property is owned by what party and in what share. It added that the legal title was not conclusive in respect of the beneficial interests.
The...
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