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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11758
Experience:  30 years as a practising solicitor.
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My brother has died he has a busiiness the assets are plant

Customer Question

My brother has died he has a busiiness the assets are plant and machinery before he died he formed a partnership with his son
Can you please confirm if he is entirteld to 100 BPR on the plant and machinery.
Submitted: 4 years ago.
Category: Law
Expert:  JGM replied 4 years ago.
Thank you for your question.

Land or buildings, machinery or plant used wholly or mainly for the purposes of the business carried on by a company or partnership 50%.

However 100% relief is given for an interest in a partnership. Assuming the plant and machinery is held by the partnership then it's the interest in the partnership that's relevant and 100% relief should be available.

Check with the accountant and also what the partnership agreement says.

Please leave a positive response so that I am credited for my time.
Customer: replied 4 years ago.

The partenrship agreement was only entered in in January and states the opening capital l contribution of the partenrship is 100% put in by my brother the profits and lossdes are shared equally.I hope this helpsl
Prior to this date my brother was a sole trader for 30 years.

Expert:  JGM replied 4 years ago.
If the plant and machinery was held by the partnership then the relief is 100%.