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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5030
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am selling my www Domain to an American company can I pay

Resolved Question:

I am selling my www Domain to an American company can I pay capital gains tax or will I have to pay Corporation Tax the income tax
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Please advise...

Are you trading as a LTD company?
Is your domain in the name of your company?

Many thanks
Customer: replied 3 years ago.

Hi,


 


Yes its a Ltd company and The Domain is the name of my company

Expert:  taxadvisor.uk replied 3 years ago.

David, thank you for your prompt reply.

As it is company asset, the gain from sale of it would be chargeable gain in the books of the company. Companies pay Corporation tax on its chargeable gains so the gain would attract CT at 20%.

more information on this can be found here

http://www.hmrc.gov.uk/ct/managing/company-tax-return/returns/chargeable-gain.htm

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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