I have a client who owns a limited company. The company's activity is that it owns a commercial property in the City Centre and it's sole income is rental income from this property.
My client has an unconnected person who wishes to purchase the property. Property cost was in the region of £550k and my client is looking for about £1 million as a selling price.
If my client were to claim Entrepreneur's Relief then I'd assume he'd pay 10% on the £450k profit on the building? Could anyone let me know if this is correct please? Sorry if it seems a basic question but don't really come across this much and just want to double check things. Thanks in advance.