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Where Taxpayers and Advisers Meet

commercial property

Herbs16
Posts: 73
Joined: Wed Aug 06, 2008 3:53 pm

commercial property

Postby Herbs16 » Fri Jan 08, 2016 10:42 am

hi
a sole trader hairdresser has just sold her hair salon with a gain of £70k, it has been rented throughout.
I don't think any reliefs are available, does anyone else know of any? im assuming letting relief isn't allowable? never been a PRR

thanks

jpcentral
Posts: 924
Joined: Wed Aug 06, 2008 3:28 pm
Location: Loughborough
Contact:

Re: commercial property

Postby jpcentral » Fri Jan 08, 2016 12:33 pm

You say sole trader so has she been trading from the premises?

Look at Entrepreneurs Relief.
John Perry
Central Business Services
Loughborough
http://www.centralbusiness.co.uk

section 44
Posts: 4468
Joined: Thu Oct 30, 2008 12:47 pm

Re: commercial property

Postby section 44 » Fri Jan 08, 2016 4:12 pm

As described, I suspect that there is an individual selling her hairdressing business, which she ran from premises that she rented.

Presumably the sale is of goodwill, stock, equipment etc and the premises are rented at a market rent with the lease having no capital value.

... of course the could be something else going on.

This:
im assuming letting relief isn't allowable? never been a PRR
Sounds odd and suggests that perhaps the individual had a property letting business and is merely disposing of an investment property.
rented throughout
Perhaps meant "let" throughout?

But then, what trade?
a sole trader hairdresser
or perhaps this is a red herring and the seller of the let property also happened to be a hairdresser, unrelated to this


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