Hi
My research would not indicate there is much we can do on the following but please tell me otherwise if I am mistaken.
Husband owns the one share in limited company which has the trade of a take away shop in it.
Company paid £6,000 for the assets of a previous company which went under.
Company formed in Feb 19 and traded the month after.
Sale is looking likely at £275k - £120k fixtures/fittings/eqpt £155k business goodwill.
Plans are to buy two shop units with the proceeds from selling the business, either as the trade or as the shares of the company.
From my understanding:
1) Entrepreneurs Relief is out as the shares have not been held for 2 years
2) Business Asset Relief not viable if selling the shares in the company;
3) Could you get BAR on the asset element of the sale for the equipment as partial relief?
4) Can I add my wife and kids on to the company ownership so we each get the annual allowance and also more of the gain would be covered in the basic rate band?
Thank you ever so much for any help
Andy
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