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Sam
Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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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: 10 months ago.
Category: Tax
Expert:  Sam replied 10 months ago.

Hi

Thanks for your question I am Sam and I am one of the UK tax experts here on Just Answer.

As its not used within the trade and just for storage then entrepreneurs relief is not due

Thanks

Sam

Customer: replied 10 months ago.
It was not held as an investment. Does that change anything?
Thanks
Paul
Expert:  Sam replied 10 months ago.

Hi Paul

No - its all about what the land was used for that is considered, this merely stored the equipment and so is not used within the actual trade of the fairground, so is not deemed to be an asset so is not due consideration for Entrepreneurs relief.

Thanks

Sam

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