A professional violinist bought an instrument for £40K in 1999 and is now selling for £60K to trade up to 'something really nice' for £90K. We have the ongoing problem of whether or not to claim Capital Allowances, knowing that there will be balancing charges to come. An easier choice in days of declining tax rates but less obvious in an era when rates may rise. But that's not the problem.
Instinct says that this disposal is something that qualifies for Entrepreneur Relief and he'll merely owe £60K-£40K-£10K exemption x 10% = £1,000. But reading up refers to ER being available on the disposal of shares in a business and it refers to the disposal of business assets on cessation. Are my instincts wrong? Is ER unavailable on business asset disposal unless there's a cessation?
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Entrepreneurs Relief aka Retirement Relief
I think you are right - ER is a re-hash of retirment relief, so it is available when the "entrepreneur" finshes trading. Thus it is a help for people who were relying on Tapr Relief when they eventually sold their business but does not help with routine business asset disposals.
Violin
As the whole of the proceeds are invested in new business assets, you can defer the gain by business asset roll over relief