# Taxation of Chargeable Gains Act 1992, Section 169A: Cessation of trade by limited liability partnership


(1) This section applies where section 59A(1) ceases to apply to a limited liability partnership.
(2) A member of the partnership who immediately before the time at which section 59A(1) ceases to apply holds an asset, or an interest in an asset, acquired by him—
(a) on a disposal to members of a partnership, and
(b) for a consideration which is treated as reduced under section 165(4)(b) or 260(3)(b),
shall be treated as if a chargeable gain equal to the amount of the reduction accrued to him immediately before that time.

---
Source: https://www.legislation.gov.uk/ukpga/1992/12/section/169A (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-169A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.