My clients purchased the current business/home for £115k leasehold/goodwill. F&F was £6k. It has now sold for £240k, which will be reinvested in a business/home costing around £600k. This is their main residance, they do rent out a 2nd property, so would Stamp Duty also be payable?
It is a partnership with husband/wife. The £240k includes leasehold/goodwill and F&F, what would be the best division to reduce the CGT.Could we use entrepreneurs' relief? Would there be any CGT due as it is been re-invested?
Your help would be much appreciated as this is an area I am not familar with. If you need futher information do let me know.
Many thanks
Replies (3)
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There are quite a few issues to consider - valuation, PPR Relief, additional SDLT charge on a 2nd property, potential rollover relief. I suggest that you refer the client to someone able to advise on such matters.