Entrepreneurs' relief

Entrepreneurs' relief

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A part time farmer ( he is also employed as a postman) who has been trading as a sole trader is in a situation whereby he has to sell up.

He has land to sell and the likely taxable profit for CGT is £30K

If half the land is  transferred to his wife before the sale then the CGT liability can be minimised.

I understand that he will be able to claim Entrepreneurs' relief. It is possible for his wife to do the same if we registered her as a partner before the sale?

Many thanks

Tim

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By girlofwight
29th Dec 2012 21:07

In principle yes
In principle, yes, wife can claim ER if she comes in as a partner, subject to the one year qualifying period.

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By TheBooks
30th Dec 2012 12:46

Many thanks.

 

I had missed the one year qualifying period  ~ thanks for pointing it out

 

Tim

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