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business asset


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When calculating that part of a capital gain that is chargeable to capital gains tax, entrepreneurs’ relief is available where the gain arises on the disposal of business assets. (Prior to its abolition in 2008, taper relief was similarly available on the disposal of business assets.) For entrepreneurs’ relief, the following are treated as business assets: shares and securities in a trading company (listed or unlisted), where 5% or more of the shares have been held; an asset used for the purposes of trade carried on by an unlisted trading company; an asset held for the purposes of trade carried on by the taxpayer, either alone or in partnership.

shares and securities in a trading company (listed or unlisted), where 5% or more of the shares have been held;

an asset used for the purposes of trade carried on by an unlisted trading company;

an asset held for the purposes of trade carried on by the taxpayer, either alone or in partnership.

Assets held by trustees are treated as business assets if they fulfil the requirements outlined above for individuals.

Subjects: Accounting — Law.


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