A business partner, sole trader, or owner of a personal company may be eligible for the gift hold over relief scheme if they give away their shares in a business or other business assets. This relief may also be claimed for in an instance where a lower value has been accepted for the business assets as a personal decision to help those who are purchasing them.
If you qualify for the relief, there may be no requirement to pay Capital Gains Tax (CGT). However, the purchaser of the assets will be liable to pay CGT upon future sale of the assets.
GIFT HOLD OVER RELIEF TAX SUPPORT
This kind of relief can be very beneficial to individuals who wish to dispose of their business assets via gifting or reduced profits. However, understanding the conditions, both for eligibility and CGT requirements, is incredibly important. It can be invaluable to seek the help and guidance of a CGT accountant when considering the gift hold over relief scheme. At The Accountancy Solutions, we provide advice and support in the following areas of CGT for businesses and the gift hold over relief scheme:
Confidential support during the claiming of gift hold over relief and ongoing CGT requirements will ensure that you meet the regulations of the HMRC without any problems. By seeking help from one of the expert accountants at The Accountancy Solutions, you will have peace of mind over the disposal of your business assets, with friendly and professional guidance throughout. To learn more about the relief scheme, and the CGT services at The Accountancy Solutions, contact our team today.