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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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
... 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.
If the powers that be get wind of multiple accounts being used, permanently would be my guess.
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
Presumably, the post by Emma Na, to which Kaff was responding, has been removed. Who is M&A?