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I understand that on cessation, assets retained by the owner are deemed to have been disposed of at mkt value.
However is there no charge for the benefit received by the individual for that asset?
Thanks
When the assets are retained you are right that they are deemed to be disposed of at MV. That value will then be put into the capital allowances computation and any CA or BA will be transfered to the final accounts and dealt with accordingly. That is where the owner will be “charged” for the assets.
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