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CGT - sale of business
Posted by nottinghamref on Thu, 02/07/2009 - 11:30
I am currently working on a small sole trade business which has now been sold for the value of £12k.
I am trying to understand the CGT rules behind this and how to prepare a tax computation for the purposes of the tax return?
The only assets the business has are those of fixtures and fittings and office equipment of value of £1k.
Thanks in advance
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on the face of it
assuming that no lease is included in the sale and that nothing was paid for the business the gain is £11K
deduct the exempt amount for the tax year (if not used already). CGT will be 10% of thew resulting amount assuming entrepeneurs relief is applicable.