Hi.Has the property that is being sold been jointly owned since it was bought? Is it a residential property let on short term lets as opposed to a furnished holiday let? Can you tell me what you mean by £532,000 tapered relief on sale of business shares to wife" please. What exactly does the figure of £532,000 represent and how it is arrived at? Is it a gain?
the property is residential. Flat bought for letting and has been on long term let since refurbishment.
the £532k is a closed limited company owned by my wife and I. I have 25 of the 100 ordinary shares. The company is going to use it's excess capital to buy me out.
disposal proceeds. The shares were worth £1 nomjnal value in 1994 when the company distributed the shares.
we have got hmrc clearance in writing on this part already.
thank you Tony. Excellent. Very clearly explained
I am accessing this on a smart phone with a minute screen. Have I pressed all necessary buttons to ensure you are paid?
You need to rate my answer by clicking on one of the smiley faces for me to get paid. See below.