Peter Rayney takes us through a traditional incorporation of a ‘services’ sector trade
Over the last year or so, I have assisted several accountants through the process of incorporating a number of their sole trade and partnership clients.
For various reasons, the clients decided to use the conventional ‘incorporation’ relief (in TCGA 1992, s 162). These projects demonstrated to me how easy it is to ‘trip up’ on one or more aspects of this relief. The unfortunate result would be to incur unnecessary tax charges on the transfer of the business. Thus, the inspiration for this article!
We shall examine the operation of TCGA 1992, s 162 incorporation relief, through a case study based on an actual client scenario.
Case study: Christina and Soul Sistas
Christina has run her own music artist
