So a contact is selling his business, a limited company, asset disposal relief etc will apply and assume he meets those criteria. He started the business some years back and purchased a freehold property from which to run his practice, which is owned by the Ltd Co and sits on the balance sheet at £0.5m.
If he sold for £2m, would it be correct that you first deduct qualifying costs, (question - would this normally include the original cost of the property where trade occurs) and then take the £1m slice of asset disposal relief, thus leaving him with £0.5m of gains chargeable to normal CGT rates etc?
Does the property qualify as a deductible cost and whats the order of set off. Thansk for any pointers