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1/30/2010
Julie Kingham, Chartered Tax Adviser
Category: UK Tax
Satisfied Customers: 734
Experience: CTA, ATT - over 10 years experience in UK tax - CGT, IHT & personal tax
VerifiedHi
I assume you are wanting to know what allowable costs can be set against the sale proceeds?
You can set any legal costs incurred against the proceeds received.
You can also deduct the original cost of the shares - if this was originally a sole trader / partnership that incorporated you need to consider if any roll over relief was claimed on incorporation.
Apart from the above there are no other allowable expenses. However, you should be able to claim entrepreneurs relief which reduces the tax payable from 18% to 10%.
Correct.
Julie Kingham, Chartered Tax Adviser
Category: UK Tax
Satisfied Customers: 734
Experience: CTA, ATT - over 10 years experience in UK tax - CGT, IHT & personal tax
VerifiedJulie Kingham and 87 other UK Tax Specialists are ready to help you
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