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TaxRobin
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Experience:  International tax
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I had an office which I used in my business for many years.

Resolved Question:

I had an office which I used in my business for many years. I 5 years ago I developed it and built 2 houses. I rented these out as due to recession was unable to sell them. I now want to sell the, Can I claim Entrepreneurs relief?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
To claim the Entrepreneur relief you had to have disposed of assets used in business. Unfortunately, ‘business’ includes any trade or profession, but do not include the letting of property unless this is furnished holiday lettings in the UK or European Economic Area.
I do not see this as an associated asset either. The ‘associated’ asset must have been in use for the purpose of the business throughout the period of one year up to the date of your withdrawal, or if earlier, the cessation of the business.
When you changed the office to residential use you were not charged CGT. The period you owned and used for business would be allowed the % of relief but then the 15 years you used as residential rental would not.
If you owned it for 30 years then 50% would be for relief from CGT based on the business use time.
Customer: replied 2 years ago.

Hi


Don't follow last paragraph. Are you saying the first 15years(50%) qualify for Entrepreneurs relief or that 50% of gain is exempt.
Expert:  TaxRobin replied 2 years ago.
I used the 50% as an example. The time you used as business (office) against the entire time would be your specific %.
This same % would apply for relief. If you used for office on 10% of the total time owned then only 10% would be available for relief.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15040
Experience: International tax
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