Selling my business - do i need to pay tax?

[pamrty]

Hi there,

I was looking for some urgent advice, if any1 could please help.

I will be selling my business soon as i am getting married.

I am looking to get £200k for my business and will be buying my family home with this money.

Can any1 advise if i will need to pay tax on my sale as i need all the money for my new home.

Please help

[mullet]

What is the business? What do you do? Are you selling land/property, goodwill, a licence, a right?

Reinvesting the money from your business in a residential property will not avoid CGT liability. At worst (depending on a lot of things) you might have to pay £200,000 @ 28% = £56,000. But you deduct the original cost of the asset, acquisition costs, any allowable enhancement costs and disposal costs. If not otherwise used, you also deduct your annual exemption. Then you might be liable at 18% or 28%. And if qualifying conditions are met, you might be entitled to entrepreneurs' relief meaning that CGT is charged at 10%.

Please provide more information if you want to know the likely liability.

[section 44]

Please provide more information if you want to know the likely liability.

Presumably there's no point now given that this was urgent yesterday evening and the business has now been sold and proceeds reinvested.