CGT - sale of business

Posted by nottinghamref PM | on Thu, 02/07/2009 - 12:30 315 1 comment | report

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

Comments

on the face of it

geoffwolf | Fri, 03/07/2009 - 08:33 | Permalink

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.