A client has sold a fishing boat under 10 metres with a quota I think 140.65 vcus. (Boat 9.99 x 4.800= 47.95vcus and engine 282 hp / 1.34 x .045 = 94.70 total 140.65
I was surprised at the lack of paperwork and a written split of the division between boat and equipment and licence. Has anyone had any experience of what values would be on a total sale of 165,000 excluding vat. Client seems to think it mostly licence. Client not being very helpful here.
Also business is a partnership, husband and wife. Licence was previously in husbands name, since purchase it was set up as a partnership, would the wife be entitled to claim half of licence under cgt?
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Bit Fishy?
The licence applies to the boat. If that's owned jointly then the licence is also owned jointly.
Withe regard to Quota/boat valuations, try these:
http://www.caley-fisheries.co.uk/quota_sale.php
http://www.findafishingboat.com/quota-list/uk-commercial-fishing-quotas-...