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Corporation tax on sale of wine

If a limited company decided to start a new venture of the sale of wine, what are the rules of paying corporation tax? There's a lot on the internet about it being exempt from capital gains tax as it is a wasting asset but nothing on whether it is exempt from corporation tax? Thanks 


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23rd Sep 2017 14:13

It sounds as if you are starting a trade in wine selling, not buying as an investment to hold and appreciate so CGT not relevant.
Trading profits are subject to CT as usual

Thanks (1)
to Marion Hayes
25th Sep 2017 12:54

... and companies don't pay CGT anyhow. They pay CT on any capital gains, with no exempt allowance (albeit indexed), so there would be precious little difference in tax whether it is trading or a capital gain.

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23rd Sep 2017 16:05

Agree. The company is trading.

Thanks (1)
By kaff
to Emma Na
24th Sep 2017 15:52

How long's the ban?

Thanks (3)
By Ruddles
to kaff
24th Sep 2017 15:56

If the powers that be get wind of multiple accounts being used, permanently would be my guess.

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to Ruddles
25th Sep 2017 07:25

Seriously? That would be terrible.
I have no idea who/what/why but do know there are too few of you whose technical help is amazing as it is

Thanks (1)
By EMI27
25th Sep 2017 07:57

What ban? Am I missing part of the thread??

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to EMI27
25th Sep 2017 12:51

Presumably, the post by Emma Na, to which Kaff was responding, has been removed. Who is M&A?

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