Section 169A | Cessation of trade by limited liability partnership ^F1

(1)This section applies where section 59A(1) ceases to apply to a limited liability partnership.^F1

(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—^F1

(a)on a disposal to members of a partnership, and^F1

(b)for a consideration which is treated as reduced under section 165(4)(b) or 260(3)(b),^F1

shall be treated as if a chargeable gain equal to the amount of the reduction accrued to him immediately before that time.