A lady carried out a trade from a shop premises as a hair dresser, owned the shop for many years. Then she retired and leased that shop for past 15 years (tenant – hair and beauty saloon – no residential flat , pure commercial trade..). Some 6 years back she added her husband’s name as a joint owner. Now they are trying to sell the premises.
I think, entrepreneur relief should be allowed and CGT should be at 10%. She gifted half ownership to her husband (who never carried out any trade there), should not make any problem. Capital gain is – original cost less sale proceeds (net of allowable expenses), because gift transfer was between husband and wife, no concern about valuation at the date of gift.
Am I thinking correctly? Please advise.
Also, if any example in taxation manual kindly quote.
Many thanks. K.
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