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HMRC internal manual

Capital Gains Manual

Gifts: transfer of goodwill at nominal consideration

In cases of difficulty it is often important to examine the sale agreement, and to verify that this conforms to the opening statement of affairs of the company. If these conflict, the taxpayer needs to be asked to explain the position. Further difficulties may arise if the sale agreement is merely oral.

At the end of the day it may be necessary to examine the accounts and determine precisely what consideration has been given for what assets, and apply Section 165 (7) accordingly.