How do I know if I need to pay Capital Gains Tax for my business?

You may be required to pay Capital Gains Tax (CGT) if you are a sole trader, in a business partnership, or a limited company and make a profit (gain) on selling all or part of your business.

Business assets that are subject to CGT include land and buildings, fixtures and fittings, plant and machinery, shares, registered trademarks and, in some cases, your businesses reputation. There are some exceptions for paying CGT for example gifts to a charity or close family.

Our Corporate Tax experts can assist you in understanding and calculating your gain, and assessing whether you’re liable to pay CGT. In most cases, this is the difference between what you paid for your business assets and what you gained from selling it. We can work out if you’re entitled to a relief or tax deduction, and ensure you don’t pay tax on any more than you’re legally required to.

Get in touch today if you need guidance on your business finances and help in understanding your CGT liabilities.


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