Will I pay Capital Gains Tax when I sell my business?


What is Capital Gains Tax
Capital Gains Tax (CGT) is a tax on profit (‘gains’) made on the disposal or sale of ‘chargeable assets’ when selling your business. CGT only applies to individuals (including sole traders and partnerships), trustees, and personal representatives of deceased persons. Below, we explain when and how to pay Capital Gains Tax when you sell a business asset.

When does Capital Gains Tax apply?
You may have to pay Capital Gains Tax if you sell (or ‘dispose of’) your business (an asset) for more than the price you paid for it. CGT is based on the market value of an asset at the time of its disposal, not the amount of money (if any) that you sell it for.

How do I find out more?
As Tax is personal to everyone the best place to look is on the UK governments website by clicking https://www.gov.uk/capital-gains-tax-businesses/work-out-your-gain

 

 


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