Re: Selling Part of a Business - CGT?
- From: trimble@xxxxxxxxxxxxxxxxxx
- Date: Mon, 26 Nov 2007 22:41:39 +0000
On Mon, 26 Nov 2007 16:16:54 +0000, Maria
<mariathomson@xxxxxxxxxxxxxxx> wrote:
I have an internet sales business - a while ago I built another site
which is a going concern and I woudl like to sell it.
Apart from finding it hard to value, I don't know what capital gains
tax I would have to pay - I want to keep the money I get for it for
personal use (probably up to £5000).
I can't put a cost on the building of the business- it was mostly my
time (a lot of it!) with small amount of money on software and then
advertising. I will be keeping the main business going. I am a sole
trader with no employees.
Can someone please advise if any lump sum I receive from the sale will
attract CGT? Thanks.
If you are not paying tax on the income you receive from the site I
think the CGT issue will be insignificant when HMRC catch up with
you. Are you paying tax on the income from the site?
.
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