Entrepreneur's Relief for refurb + let investment, CGT

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Entrepreneur's Relief for refurb + let investment, CGT

    My company bought an empty building 6 years ago and refurbed every flat in the whole building and communal areas. If I sell the building and close down the company, is it possible for the company's Director and shareholder to qualify for Entrepreneur's Relief and pay 10% tax?

    Thanks in advance.


    #2
    The rules are changing and you may have to wait until after the budget :

    https://www.ftadviser.com/companies/...eneurs-relief/

    Comment


      #3
      Generally, Entrepreneurs relief isn't available for a property investment business.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment

      Latest Activity

      Collapse

      • Reversing gift
        by vik2001
        Is there a way of reversing a gift of a property given as joint tenants. I want to remove my name on a house that i share with my mother. Its our only main resendential property. I also want to avoid being caught by GROB...
        24-02-2020, 20:22 PM
      • Reply to Reversing gift
        by vik2001
        Ahh yeah got it. As the earlier gift fails does another 7 year PET start again if she buys the share back as cash....
        25-02-2020, 18:12 PM
      • Reply to Reversing gift
        by jpkeates
        Joint tenants don't own anything 50:50, they both own the entire property.
        So I don't think that the gift is part of the property.

        Tenants in common would be different.

        But this isn't something I am particularly confident about.
        25-02-2020, 18:03 PM
      • Reply to Reversing gift
        by AndrewDod
        The earlier gift from your Mom to you fails (as a PET from her) because you are giving it back .........
        25-02-2020, 17:53 PM
      • Reply to Reversing gift
        by vik2001
        Hi jp
        Why does the gift fail? As we have it as joint tenants 50/50. We wasnt trying to remove it from her whole estate.
        Hmrc site says if you gift part of property and all owners live together and share bills expenses then a market rent rate isnt required. So the gift hopefully should be...
        25-02-2020, 17:25 PM
      • Reply to Reversing gift
        by jpkeates
        The gift from your mother to you fails as a gift for tax purposes.
        The property hasn't left your mother's estate as far as I can tell.

        If you were to die, it would be a slight complication, but your executor should be able to sort it out (you might want to leave a note somewhere explaining...
        25-02-2020, 16:51 PM
      • Reply to Reversing gift
        by vik2001
        The property is worth 410k. It has been our only main resendential property. There is no mortgage.

        Was the transfer of the gift genuine. Because i read under s102b it needs to be a undivided share for my mother to live there else its a grob. Or being joint tenants it doesnt matter? Point...
        25-02-2020, 15:36 PM
      • Reply to Reversing gift
        by AndrewDod
        Well in that case

        a) CGT will not be payable on the reverse transfer providing the house has so far been your only home in the time you had a half

        b) SDLT will not be payable on the reverse transfer provided it is i) a gift transfer and no money changes hands AND ii) there...
        25-02-2020, 14:49 PM
      • Reply to Reversing gift
        by jpkeates
        How much is the property worth?...
        25-02-2020, 13:39 PM
      • Reply to Reversing gift
        by vik2001
        Not worried about sdlt. I just dont wish to have 2 properties. I also want to protect my mum if i was to pass away first....
        25-02-2020, 12:55 PM
      Working...
      X