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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am selling my business and premises as I am retiring will

Resolved Question:

I am selling my business and premises as I am retiring will i have to pay any capital gains tax.
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your question..

Please advise if you have been trading as a sole trader or you run your operation as a LTD company.

If trading as a LTD company, will you be selling your shares in the business.

Many thanks

Customer: replied 10 months ago.
No I am in partnership me and partner are selling our business and the property where we run the business which is being sold as a going concern.
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your prompt reply.

Any gain from sale of business and premises would result in capital gains tax payable.

Based on information given, it would appear you would be entitled to claim Entrepreneurs' Relief. This being the case, your gain would be taxed at 10% as opposed to the normal rate of 10%, 20% or a combination of both depending on your taxable income inclusing the gain.

More information on eligibility for Entrepreneurs' relief can be found here

https://www.gov.uk/entrepreneurs-relief/eligibility

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 10 months ago.
Thank you very much.
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your reply.

I hope this is helpful.

I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4939
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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