Article by Louise Rippon, barrister at 3 Temple Gardens, London. This article appeared in the December 2003 issue of Tax Adviser.
Parmar and others (trading as Ace Knitwear) v Woods (HMIT (No.2) [2003] STC (SCD) 297 (Sp C 367) was first heard by the special commissioners on 14 August 2001 (reported at [2001] STC (SCD) 238) (Sp C 291). Ace Knitwear (the partnership) was a partnership of two paretns and their two children which traded in knitwear. On the retirement of the parents the partnership was dissolved and the assets transferred to Ace Knitwear Ltd (the company) at balance sheet values. The company was owned by the two children, who were also directors of the company with their father.
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December 2003 by Louise Rippon
