Morris Owen have recently advised upon the sale of their client's property and business, which traded as a hotel
Mike Johnson of Morris Owen led the sale of both the property held in a partnership, and the trade and assets of the associated trading company.
There was a particularly lengthy negotation process as the purchaser changed his expectations during the deal as he became more aware of the tax ramifications of his original offer.
The main issues surrounded the treatment of Capital Allowances and the Capital Gains Tax position on the sale of the fixtures and fittings.
However a deal was eventually struck which ensured the outcome for Morris Owen's client who received a large sum with an associated tax liability at a relatively low level.
Withy King Solicitors also acted for the vendor.
