CGT instalments and ER
Taxpayer has a £3m gain on sale of shares, qualifying for Entrepreneurs relief.
£2m paid immediately , £1m over two instalments at + 12 months and + 24 months.
Consideration is ascertainable.
Q - is there any Entrepreneurs relief restriction if an election under TCGA S280 to pay by instalments is made.
My colleague thought there was, but my research today can't find anything confirming this.
My colleague may be thinking of a Marren v Ingles unascertainable situation though, where loss of ER on the deferred earn out right is a known issue.
My conclusion is that for a straightforward payment by instalment arrangement, ER isn't compromised by TCGA S280 claim to pay by instalments.
Any quick thoughts from the floor?
- How much does the company pay 104 3
- Solicitors now, Accountants next 872 12
- Depression - HMRC penalties case won because of this illness. 562 20
- BA Cabin Crew Employment Expenses 1,474 5
- Help with CGT please 95 3
- Lack of VAT Receipt 130 3
- Base value unavailable re. Capital Gain 310 6
- Benefit in Kind 315 6
- How do you find shareholders of a Cyprus Company ? 327 17
- Will I need to resign? 949 11
- Cocaine anyone? 682 11
- HMRC won't let me set up online DD for PAYE 261 4
- Anyone using BTC Accounts Production yet? 170 4
- Accounting for cash put into Ltd 205 3
- Allocation of Receipt from DWP 183 2
- How come if you claim benefits you are not entitled to you either have to pay a 50% penalty or are sent to court and either fined or sent to prison (sometimes suspended) and end up with a criminal record. 730 13
- Personal pension 458 9
- Business rates consultancy 277 4
- Wrong tax code 200 6
- SELLING A PROPERTY at LOSS/PROFIT - CAP GAINS ALLOWANCE 120 2
- Hive up 523
- Accounting referance change & deficient accounts. 479
- corporate hierarchy 458
- Advice - 302
- Anyone had HMRC refusing to act on EPS database glitch? 250
- WWOOFers 246
- Art Gallery - Splitting a property between business and personal use 225
- Tax liabilities in USA for warehoused products 202
- The booking.com con 193
- Cocaine anyone? 176