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Is Business Asset Relief available on a let hotel?

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I have a small property in Blackpool which was purchased as a b and b, guest house .

I sold the actual business and have let the building out for several years now and it has been trading well as a b and b.

The lady who I lease to has shown an interest in purchasing the building itself.

Would I receive Business Asset Relief on the proceeds?

Many Thanks

 

Replies (11)

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Scooby
By gainsborough
21st Nov 2021 15:39

Has it been more than 3 years since you sold the B&B business (TCGA 1992 S169I) and did you seek from your accountant when you disposed of the business but retained the property?

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Scooby
By gainsborough
21st Nov 2021 17:23

*seek advice

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By Cavan
21st Nov 2021 19:59

Hi there. Yes it was more than 3 years ago, and no, i (no doubt foolishly) didnt take advice.
Thanks

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Replying to Cavan:
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By Cavan
22nd Nov 2021 09:12

Hi there. Yes it was more than 3 years ago, and no, i (no doubt foolishly) didnt take advice
Thanks

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Replying to Cavan:
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By Tax Dragon
22nd Nov 2021 09:29

Perhaps you should now.

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Replying to Tax Dragon:
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By The Dullard
22nd Nov 2021 12:21

Why? That ship has sailed. His train has left the station. The stable door has been left ajar and Shergar's well and truly scarpered.

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Replying to The Dullard:
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By Cavan
22nd Nov 2021 15:18

All that being said, will the relief be applicable or not my learned friends ?

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Replying to Cavan:
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By Tax Dragon
22nd Nov 2021 15:37

Cavan wrote:

All that being said, will the relief be applicable or not my learned friends ?

It concerns me that you are unable to determine the answer to this yourself. So much so that I think maybe you should buy in some help (loss of ship, train and Shergar notwithstanding).

Not taking advice once may be regarded as a misfortune; doing so twice looks like… well, I was going to say carelessness, but if you prefer me to say foolishness, who am I to argue?

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Replying to Tax Dragon:
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By Cavan
22nd Nov 2021 16:31

Ok, my hands are up, i cannot determine the answer, despite looking on hmrc pages etc.
I shall humbly accept my failings as a sensible human, and admit to all kinds of foolishness, and perhaps wish the good people here good day, as I see you dont feel i should be asking.

Many Thanks regardless

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Replying to Cavan:
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By Tax Dragon
22nd Nov 2021 16:43

I didn't suggest you shouldn't ask. It's the fact that you need to - when the answer is obviously "no"... unless there's some unusual facts you haven't mentioned - and have that need despite looking on hmrc pages etc, led me to wonder about whether you ought to buy in some help. You might even benefit from it. All pretty much as I said, in fact.

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Replying to Tax Dragon:
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By Cavan
22nd Nov 2021 18:56

Thankyou regardless for your sage thoughts. They are appreciated.

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