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 bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3822
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

Can business asset holdover relief be claimed when transferring

Customer Question

Can business asset holdover relief be claimed when transferring commercial buildings (7 of)
into a limited company ?
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and please to be able to help you with your question. Er yes, but not as such. What you need is Incorporation Relief which for all practical purposes is the same. It is covered in this information release from Gov UK. https://www.gov.uk/incorporation-relief You don't actually avoid Capital Gains Tax (CGT), you merely defer it until you finally dispose of the shares taken in the company in exchange for the buildings. I do hope that my reply has been of assistance.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

Related Tax Questions