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We have a client who partly own some land and they use the

Resolved Question:

Hi
We have a client who partly own some land and they use the land to store their equipment which is for fairground rides. Can they claim entrepreneurs relief, and if so, do they need to apply within either within 30 or 60 days before the transaction to claim this relief?
Thanks
Paul
Submitted: 6 months ago.
Category: Tax
Expert:  Sam replied 6 months ago.

Hi Paul

Thanks for your question

No I am afraid entrepreneurs relief would not be due on this land as not used within the trade, but just for storage purposes.

Thanks

Sam

Customer: replied 6 months ago.
They also use the land for their trade which are fairground grounds. Does that change anything?
Expert:  Sam replied 6 months ago.

Hi

You advised it was just to store the equipment - is this not the case then ? - as land rarely attracts entrepreneurs relief its usually assets or shares. And this is not as asset it would seem

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 13775
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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