This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Advice on CGT on business for business asset

Tony71
Posts:7
Joined:Wed Mar 17, 2021 12:17 am
Advice on CGT on business for business asset

Postby Tony71 » Wed Mar 31, 2021 10:16 am

Good afternoon,
I wonder if the experts could help with some advice regarding CGT.

I decided to accept the offer of a UK company to sell them my oldest, best and biggest website, with domain, its content, positioning, traffic, reputation, goodwill etc. It's a solid business asset that generates income from advertising.

First time ever I sold a website as my main business is actually run online advertising campaigns. I don't have any other site on that very topic so I can say that I'm out of that sector. More generally, I am still active on other fields on my job so I'm not closing down.

I invoiced this +VAT as sale of assets, sale of monetised website used for business, including all i.e. also design, brand/logo, etc.

My question is, am I right if I think that this qualify as Capital Gain so taxed at 10/20%? And with Business Asset Disposal Relief I'll qualify for paying 10% on this gain? I am also thinking that I can't put any expense/cost against this gain, as I've already included it all in my self-assessments.

Many thanks for your help.

Tony71
Posts:7
Joined:Wed Mar 17, 2021 12:17 am

Re: Advice on CGT on business for business asset

Postby Tony71 » Tue May 18, 2021 12:06 pm

Hi, if anyone has a point of view on this, would be highly appreciated. As you can imagine, HMRC doesn't bother to answer this question.

Thanks!

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Advice on CGT on business for business asset

Postby pawncob » Tue May 18, 2021 4:49 pm

https://www.taxationweb.co.uk/forum/sale-of-a-website-considered-income-or-capital-gains-t46423.html
With a pinch of salt take what I say, but don't exceed your RDA


Return to “Capital Gains Tax, CGT”