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Have you discovered this tax relief?
Fixed quotes for agreed services ››Newsletter issue – January 2024
Are you aware of Business Asset Disposal Relief (BADR)? You may not have heard of it before, but you probably are familiar with Capital Gains Tax (CGT). BADR is a type of CGT relief. It becomes relevant if you're selling all or part of your business.
It used to go by another name - Entrepreneurs' Relief - before 6 April 2020. If you are a business owner or a sole trader, it could reduce the tax you have to pay. To qualify for relief, both of the following must apply for at least two years up to the date you sell your business:
- you're a sole trader or business partner
- you've owned the business for at least two years
HMRC says: "You may be able to pay less Capital Gains Tax when you sell (or 'dispose of') all or part of your business. Business Asset Disposal Relief means you'll pay tax at 10% on all gains on qualifying assets."
To help you understand what counts as a qualifying disposal and whether you might be able to get relief on it, get in touch.
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