The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The implications of decisions involving property go far wider than taxation. Before committing to a property acquisition, and deciding how it should be held, the whole picture should be considered, and advice taken. For instance, the owners should consider what the consequences are for finance and insurance purposes, or what the legal positions of the business owners are if there are disputes.
The tax issues on acquisition should be considered in conjunction with those likely to apply on disposal. This note does not, however, cover the tax issues on disposal of a lease. For guidance on the tax issues on disposal of a lease, see the Sales of leases guidance note.
On acquisition the sole trader can choose whether to:
purchase or lease the property (see the Lease or buy guidance note), and
acquire the property in their own name, or in joint names with their spouse or civil partner (see the Joint names with spouse or civil partner guidance note)
On disposal the sole trader can usually access business asset disposal relief (previously known as entrepreneurs’ relief) or rollover relief, providing the conditions for those reliefs are met. See the Conditions for business assets
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