Commentary

40.2 Taxation of capital profits of the business

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

40.2 Taxation of capital profits of the business

| Commentary

40.2 Taxation of capital profits of the business

The main difference between the taxation of the capital gain realised by a company on the disposal of any chargeable asset of the business and that of a sole trade or partnership, apart from the fact that the company’s gain is taxed to corporation tax rather than to capital gains tax, is that a sole trader or partner pays capital gains tax at the rate of 18% (for as much of the gain as falls within the unused amount (if any) of an individual’s income tax basic rate band) or 28% (for

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