Do you know about tax in the Entertainment business
I have a new client who is a sole trader and trades as a composer of musical score.
Business is good and he turns over around £200k making £130k in profit and paying substantial tax through self assessment.
A substantial part of his income is in the form of royalties paid every year and he is also credited with the copyrights of the work
We want to incorporate him to give him a better tax position but we want to understand the implications of this action.
Specifically whether or not the rights to the royalties and payments due to the copyright holder can be assigned to a limited company and if so whether a transfer of these rights could be considered a transfer of a business asset and attract relief under TCGA 1992 S165 transfer of business assets to avoid any capital gain.
Anyone with experience or anyone who may know an specialist in Entertainment Law please get in touch.
Any comments also welcome?
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