How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I am selling my business and premises as I am retiring will

This answer was rated:

I am selling my business and premises as I am retiring will i have to pay any capital gains tax.

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 1 year 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.

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

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 1 year ago.
Thank you very much.

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. and other Tax Specialists are ready to help you