Business Assets Relief
There is relief from CAT on the transfer of business assets by way of gift or inheritance provided certain conditions are met. The relief is provided by reducing the taxable value of the gift to 10% of its value. The nature of the asset transferring, the minimum ownership periods of the person transferring the asset, the type of business involved, would also need to be considered fully to ensure the conditions of the relief are met fully.
Pointer; We would frequently structure transactions to ensure that both Business assets relief from CAT and retirement relief from CGT are available.
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