Other Stuff - Anything But Football

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CDLF

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First used 07/08/09
14712 posts

Sheffield Wednesday
#1 22/01/2018 at 13:06

In 2006, if a business asset was sold and had been owned for 50 years, what would the overall percentage CGT have been. My research is suggesting 10% but if anyone knows different I'd appreciate your imput.

Thanks 

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Skamp

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First used 27/07/09
16669 posts

Sheffield Wednesday
#2 22/01/2018 at 17:31

When you say business asset, do you mean an asset (eg a piece of kit such as plant or machinery), or was it all or part of the actual business?

Remember, tax is only due on the gain (ie the difference between the buying and the selling price or market value if it is the business and you've owned it prior to April 1982 (which if owned for 50 years it will be); then deduct any enhancements made to the asset (not repairs), then deduct your selling costs including stamp duty and any sticking vat, then deduct your tax free allowance of £11,300 and then x 10%.

If you're calculation then returns a CGT figure - speak to MK before going any further.

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Andyben

First used 07/08/09
12287 posts

Sheffield Wednesday
#3 22/01/2018 at 17:40

When you say business asset, do you mean an asset (eg a piece of kit such as plant or machinery), or was it all or part of the actual business?

Remember, tax is only due on the gain (ie the difference between the buying and the selling price or market value if it is the business and you've owned it prior to April 1982 (which if owned for 50 years it will be); then deduct any enhancements made to the asset (not repairs), then deduct your selling costs including stamp duty and any sticking vat, then deduct your tax free allowance of £11,300 and then x 10%.

If you're calculation then returns a CGT figure - speak to MK before going any further.
Skamp, 22/01/2018 at 17:31



..or speak to me and pay fuck all...😉  

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CDLF

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First used 07/08/09
14712 posts

Sheffield Wednesday
#4 23/01/2018 at 16:57

Thanks Lads 

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