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Property Owned Outside The Business

Where an individual personally owns an asset used in his or her personal company or partnership then potentially Entrepreneur’s Relief is available on the sale of the asset.  This new relief could give a 10% rate of capital gains tax on all or part of the gain.  However there is a trap to be avoided.  If the individual receives rent for the use of the asset the Entrepreneur’s relief will be restricted by reference to rents received after 5 April 2008.

 

Yet another reason why family businesses should be keeping their structures and arrangements under review!