Hi,
In my spare time I started, and have been running, a part-time community arts space in the UK for about 2 years, in a leased artist's space. I have emigrated to the EU and am about to sell the 'business' for £11-12k to someone who wants to develop it as a registered company, to grow it into a commercial enterprise in the education sector.
I have never registered as a company, and any income received has been as a gift donation towards maintaining the enterprise. There are no official accounts or company documents, but there is a website and a 'brand' or trademark that I will relinquish on completion of sale so that the new owners can register it in their name, and they will take over the website and existing activities.
Payments will be 50% up front, and then two later payments within 6 months, covering the remainder. I would like to minimise my tax obligations. Is the following applicable to me, assuming a sale price MINUS SALE COSTS <£11,300:
"There is no CGT to pay if your total personal and business capital gains are within the annual CGT tax-free allowance of £11,300 in 2017/18 and the total value of assets disposed of is within four times this amount. Any losses you have made disposing of assets liable to CGT can be set against gains when working out your total capital gains."
Thanks!
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