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Commentary

34.2 Capital gains tax

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

34.2 Capital gains tax

| Commentary

34.2 Capital gains tax

Disposal of any chargeable assets forming part of the business will give rise to capital gains tax implications in the usual way. The calculation of the gain will also be made according to the usual rules1, although where the sole trader is making a gift of the assets (for example to a son or daughter) the gain or loss cannot be calculated by reference to the proceeds of sale, but the market value of the assets at the date of disposal will be substituted2.

Before the tax year 2008/09, the most important capital gains tax relief for an individual making a lifetime disposal by sale or gift was taper

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