Transfer of Assets

I am currently a Sole Trader, however at the end of this tax year I will be bringing my wife in as partner, and converting the business to a partnership instead. How do I go about dealing with the assets I currently have as a Sole Trader which will be transferred in their entirety to the Partnership. Can it be done as a zero value transaction given that the goods still exist and the partnership will pay tax on them when they are sold, or do I need to "sell" them to the partnership, and then declare them as an expense in the partnerships tax return next year? Thanks for any help you can give.

Hi,

Where capital allowances are being claimed the assets can be transferred at the written down value.

You can find guidance here:

CA29040 - PMA: Partnerships and successions: Election where predecessor and successor are connected

Thank you.