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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:4701
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


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