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Where Taxpayers and Advisers Meet
CGT ON BUSINESSES
Have you sold the shares or only the business? If you have sold the shares, the gain arises on all the net assets and not just on the goodwill. If you have sold only the business of the company without selling the company, then try to get the byuer to agree when drafting the completion statement so that a lower value is attributed to goodwill and a higher value is attached to stock and equipment that do not attract capital gains.In both cases though, you should be able to benefit from taper relief and possibly indexation allowance.
Demetris Savva BA FCCA
http://tax-accounting-london.info
Demetris Savva BA FCCA
http://tax-accounting-london.info
Assuming the goodwill and assets are owned by the company, would the profit on sale by the company be taxable under corporation tax rather than CGT?
Sale of the business assets by individuals attracts a favourable rate of taper relief, but fuller facts would be necessary to offer proper advice.
tax@coules.com
Sale of the business assets by individuals attracts a favourable rate of taper relief, but fuller facts would be necessary to offer proper advice.
tax@coules.com
As it is a Pharmacy company which would involve suitably qualified personnel, there may be scope for receiving part of the sale proceeds as salary to see a smooth change-over and then there could be pension contributions from this income and possible a severance payment under the compensation limits which would be tax free if not a contractual obligation and there may be scope for selling the shares over two tax years to get more reliefs and double the annual exemptions for the couple
Chartercon
Charterhouse Consultants Ltd 07768 717195
Chartercon
Charterhouse Consultants Ltd 07768 717195
