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bigduckontax, Accountant
Category: Tax
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I have used an apartment i purchased as my office it has never

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i have used an apartment i purchased as my office it has never been rented out and i am thinking of retiring does the capital gain qualify for entrepeneurs relief
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. The position is quite complex and you can real all about it here: However, it is pretty clear that you do indeed qualify for Entrepreneurs Relief (ER) which limits Capital Gains Tax (CGT) to a flat rate 10%. You have three years in which to dispose of your business assets. It is only the gain which is taxed and you do have an Annual Exempt Amount (AEA) of 11.1K to offset any gain. The gain is the difference between the purchase and disoposal prices. The acquisition price is the cost plus purchase costs plus any improvement eg installation of double glazing, central heating, extensions but not routine maintenance which is allowable against your business income. The selling price is the net sum received after deducting selling costs. The difference between the two being the gain. I do hope that my reply has been of assistance.
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