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We are selling our business. We are selling the leasehold of

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We are selling our business. We are selling the leasehold of our pub and are a partnership (with my husband). Can we qualify for entrepreneurs relief and paid 10%CGT
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Here are the basic rules [source Gpv UK web site]: 'You’ll qualify if you dispose of any of the following:all or part of your business as a sole trader or business partner - including the business’s assets after it closedshares or securities in a company where you have at least 5% of shares and voting rights (known as a ‘personal company’)shares you got through an Enterprise Management Incentive (EMI) scheme after 5 April 2013assets you lent to your business or personal company'You should almost certainly qualify and your rate of CGT be limited to a flat rate of 10% on any gain made on disposal as opposed to the normal 18% or 28% or a combination of the two rates. Full details of this releif can be found here: https://www.gov.uk/entrepreneurs-relief/eligibility There is a limit to how much gain qualifies for the relief, but as it is set at 10 million I suggest it unlikely to affect you and your husband. I should mention that you each have an Annual Exempt Amount (AEA), not cumulative, currently 11.1K, to offset this gain before CGT bites. I do hope that you hav found my reply of assistance.
Customer: replied 1 year ago.
Thank you for your reply Keith. So just to confirm, as both me and my husband are the partners of the business we can qualify for the relief of 10% each. Is this correct as our accountant doesn't think we qualify as we are a partnership.RegardsPauline
Expert:  bigduckontax replied 1 year ago.
If you are going out of the business permanently Pauline you do qualify. See the Gov UK summary comment: 'as a sole trader or business partner' where does your accountant get that idea? Still mine not to reason why! Please be so kind as to rte me before you leave the Just Answer site.
bigduckontax, Accountant
Category: Tax
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Expert:  bigduckontax replied 1 year ago.
Thank you for that phone call; hope it helped.
Expert:  bigduckontax replied 1 year ago.
Thank you for your support, Pauline.

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