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CGT selling one business for another

Is there CGT liablitiy

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My clients purchased the current business/home for £115k leasehold/goodwill. F&F was £6k. It has now sold for £240k, which will be reinvested in a business/home costing around £600k. This is their main residance, they do rent out a 2nd property, so would Stamp Duty also be payable?

It is a partnership with husband/wife. The £240k includes leasehold/goodwill and F&F, what would be the best division to reduce the CGT.Could we use entrepreneurs' relief? Would there be any CGT due as it is been re-invested?

Your help would be much appreciated as this is an area I am not familar with. If you need futher information do let me know.

Many thanks

Replies (3)

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By Ruddles
22nd Apr 2017 12:03

You need to expand on "business/home"

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Replying to Ruddles:
By abacusacc
22nd Apr 2017 12:40

Thank you for your response. it is a post office/general stores with flat above which is been sold. And buying shop with adjacent house. Hopefully this is what you meant by expand...

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By Ruddles
22nd Apr 2017 13:19

There are quite a few issues to consider - valuation, PPR Relief, additional SDLT charge on a 2nd property, potential rollover relief. I suggest that you refer the client to someone able to advise on such matters.

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