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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15942
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Trading business sold where Freehold Property & Goodwill are

Customer Question

Trading business sold where Freehold Property & Goodwill are amongst the assets in the Balance Sheet. The Freehold Property is actually owned by the Sole Trader jointly with his Wife who has been employed by the business. What is the CGT & Enterpreneurs Relief situation given this scenario for the Husband & his Wife
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Provided you meet the criteria set out HS275 here, you can get ER on the gain made on the disposal of a business asset you own personally, abuilding in your case. However, if you have received rent for it from your company since 6 April 2008. that period for which you received rent after 5 April 2008 will not qualify for ER. Your wife would need to be a 5% or more share owner to qualify for ER on her share of the gain. I hope this helps but let me know if you have any further questions.
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Customer: replied 1 year ago.
Thank you for clarifying the situation for me. CGT amongst other matters are not something I am sufficiently familiar with given that I am essentially an Accountancy Service Provider. In the event I need further help on any other matter, I will be in touch. For now, thank you very much.
Regards ***** *****
Expert:  TonyTax replied 1 year ago.
Thanks.