Annuity purchased for retiring partner. Annuity commuted for a lump sum. Retiring partner liable to capital gains tax on proceeds. Better to pay a lump sum at the outset.
This content is only available upon subscribtion to Techlink.
Technical Connection Ltd, 1st Floor, York House, 23 Kingsway, London, WC2B 6UJ
Email: enquiries@technicalconnection.co.uk