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Home / Simons-Taxes /Business tax /Part B2 How are trade profits and losses calculated? /Division B2.8 Post-cessation receipts /Post-cessation receipts—general / B2.802 The types of discontinuance
Commentary

B2.802 The types of discontinuance


Business tax

On the cessation of a trade, or for income tax purposes, a profession or vocation, the trade may be:

  1. Ìý

    •ÌýÌýÌýÌý sold as a going concern, with all assets and liabilities being taken over by the successor

  2. Ìý

    •ÌýÌýÌýÌý sold as a going concern, with the vendor retaining some of the assets (including book debts) and/or agreeing to discharge some of the liabilities, or

  3. Ìý

    •ÌýÌýÌýÌý completely discontinued, the assets being realised as far as possible and the liabilities discharged

There are special rules governing the valuation of the following items for tax purposes:

  1. Ìý

    •ÌýÌýÌýÌý trading stock (including, for income tax

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