Other capital gains business asset reliefs

Produced by Tolley in association with

Trusts and Inheritance Tax

Guidance

This note deals with the following types of business asset reliefs:

•
rollover relief on replacement of business assets
•
incorporation relief
•
capital gains tax (CGT) deferral relief under the enterprise investment scheme (EIS)
•
CGT reliefs on company reconstructions
•
losses on loans to traders

So-called ‘business’ hold-over and business asset disposal relief, are dealt with in the Holdover relief for disposals by trustees and Business asset disposal relief (entrepreneurs’ relief) ― trusts guidance notes.

Except where noted otherwise, these reliefs are available both to personal representatives and to trustees. For brevity, this note omits any further reference to personal representatives except where such reliefs specifically do not apply or are not available to them.

Rollover relief on replacement of business assets

Rollover relief enables the gain arising on the disposal of certain types of business assets to be deferred if other qualifying assets are acquired within the period commencing one year before and ending three years after the date of the disposal. HMRC may extend

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Paul Davies

Partner at DWF LLP

I am a partner in the private client department of DWF LLP, based in Manchester. I specialize in providing advice on tax and succession planning to high net worth individuals, executors and trustees. I will assist clients in the creation of wills and lasting powers of attorney and in the creation, restructuring, and dissolution of trusts and other wealth holding vehicles whether onshore or offshore. I often act as a professional executor and trustee..He has chaired the ICAEW's Employment Taxes & NIC Committee for many years and is a past chairman of the Institute's Tax Faculty. He is also a member of two relevant technical sub-committees of the CIOT.

Popular Articles

Value Added Tax

Exporting goods ― proof of export

Exporting goods ― proof of exportIn addition to the requirements laid down in the Exporting goods ― overview guidance note, businesses intending to zero-rate exported goods must hold satisfactory evidence that the goods have been delivered to a destination outside of the UK. If satisfactory evidence

15 Dec 2020 14:02 | Produced by Tolley Read more

Personal Tax

Payment of the remittance basis charge

Payment of the remittance basis chargeRemittance basis chargeThe remittance basis charge is an annual charge payable by ‘long-term’ UK residents for the privilege of claiming the remittance basis.Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay

14 Jul 2020 12:52 | Produced by Tolley Read more

Owner-Managed Businesses

Interest on late paid tax

Interest on late paid taxIntroductionInterest on late paid tax is a compulsory charge set out in legislation to reflect the interest which would have accrued to the Exchequer had the correct amount of tax been paid at the right time.Harmonised legislation was introduced in 2009 to:•set statutory

14 Jul 2020 12:00 | Produced by Tolley in association with Philip Rutherford Read more

UU��ֱ��