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Small Business Tax Planning: All you need to know from start-up to retirement by Russell Cockburn

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9. Sale of the Business

Consider the tax implications of a sale

When a business is sold, CGT may be payable on the profit that you make on the disposal, which will be broadly what you get for the sale less what you paid for the business in the first place.

You may be able to deduct its market value on 31 March 1982 if you purchased it before then, as there is a special rule that operates for assets owned on that date to seek to remove inflationary gains from the charge to tax.

Capital gains tax is chargeable on assets within the scope of the tax. For a business this is broadly all assets such as land and buildings, investments, goodwill, and plant and machinery (although the latter rarely sells at a profit). You will also have a potential ...

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