Section 169A — Taxation of Chargeable Gains Act 1992: Cessation of trade by limited liability partnership

Cessation of trade by limited liability partnership 169A 1 This section applies where section 59A(1) ceases to apply to a limited liability partnership.

2 A member of the partnership who immediately before the time at which section 59A(1) ceases to apply holds an asset, or an interest in an asset, acquired by him—

a on a disposal to members of a partnership, and b for a consideration which is treated as reduced under section 165(4)(b) or 260(3)(b), shall be treated as if a chargeable gain equal to the amount of the reduction accrued to him immediately before that time.