How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4984
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

, My company had one assets, a rental property, we sold

Customer Question

Hi ,
My company had one assets, a rental property, we sold it last year Sept.
Do we have to pay the normal CT on the profit of the sale or do we also have to pay CGT?
Thanks
Ron
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Companies pay tax on capital gains at CT rates.
There is one tax only for companies and that is Corporation tax.
There is no separate CGT.

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.

Customer: replied 2 years ago.

Hi again,

I assume if you don't have to pay CGT, you don't get a CGT allowance?

Regards

Ron

Expert:  taxadvisor.uk replied 2 years ago.

Ron, thank you for your reply.

Gains allowance is available to individuals and trustees and not to Companies.

gains made on sale of assets are added to companies trading profits and taxed at CT rate.

More information on this can be found here

https://www.gov.uk/tax-when-your-company-sells-assets

I hope this is helpful.