Taxation magazine queries ― selling the business

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Overview

The following guidance note provides details of queries raised on selling a business in the last few years in the Readers’ Forum section in Taxation magazine with a link to the full replies. It should be noted that the response to the queries is at a point in time and all relevant legislation should be confirmed as being currently applicable.

Business asset disposal relief and associated disposal of the premises

Details of the query as copied from Taxation magazine

I am trying to get my head around the associated disposal rules for business asset disposal relief (BADR).

My clients, Tom and Jerry (not their real names), were in partnership for many years in an architects' practice. They had a 50-50 interest in the partnership but the business operated from freehold premises which were owned personally by Tom and for which the partnership paid rent.

The practice was sold 18 months ago but Tom continued to own the premises and the new owners of the business paid him rent for the use. The new owners

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Class 4 national insurance contributions

Class 4 national insurance contributionsWhat is Class 4 NIC?Class 2 and Class 4 national insurance contributions (NIC) are paid by self-employed individuals and partners in a partnership on their profits arising within the UK. This guidance note considers Class 4 contributions. For Class 2

14 Jul 2020 11:13 | Produced by Tolley Read more

Spring Budget 2024

Trusts and Inheritance Tax

BPR ― trading and investment businesses

BPR ― trading and investment businessesIntroductionThe basic qualification rules for business property relief (BPR) are illustrated in the Flowchart ― trading or investment business for BPR purposes.For an overview of BPR, see the BPR overview guidance note.Relevant business propertyThe main

14 Jul 2020 15:36 | Produced by Tolley Read more

Corporation Tax

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley in association with Anne Fairpo Read more

UU��ֱ��