Control transfer
11 important questions on Control transfer
What must the asset disposed of be in order to meet the conditions for control transfer?
What happens when a person disposes of an asset and initial allowance (IA) or annual allowance (AA) has been claimed?
- The acquirer of the asset has control over the disposer.
- The disposer of the asset has control over the acquirer.
- Some other person has control over both the disposer and acquirer of the asset.
For what purpose must the asset be used by the acquirer to meet the conditions for control transfer?
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What happens if the disposer sold a trading stock?
How is control typically established in a company?
What is the condition if the disposer sold a qualifying capital expenditure but the acquirer used it as trading stock?
How is the asset deemed disposed in control transfer?
- Asset is deemed disposed on the first day of disposer’s final period (FDDFP).
- Disposer claimed CA up to YA 20x3.
- Acquirer takes DV = RE = no BC/CA
What is the disposal price of the disposer in a control transfer?
- Disposal value is deemed to be the RE of the disposer on the first day of the disposer’s final period.
- No balancing charge or allowance is imposed.
- Selling price is ignored.
When is the disposal date of the asset deemed to occur for the disposer?
- The actual date of disposal is ignored.
- The asset is deemed disposed on the first day of the disposer’s final period.
- Not eligible to claim capital allowance in this year.
What is the rule regarding capital allowance in the disposer’s final period?
- Capital allowance is only claimed by the acquirer.
- Not claimed by both disposer and acquirer.
- Ensures correct assessment in the disposer’s final period.
How does the acquirer claim annual allowance in a control transfer?
- Acquirer claims based on the qualifying expenditure of the disposer.
- Restricted to the residual expenditure of the disposer.
- Eligible for annual allowance only, without initial allowance
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