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Sam
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Category: UK Tax
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if i sell a comersial property for 120.000 bought 30years

Customer Question

if i sell a comersial property for £120.000 bought 30years ago for aprox £5.000 what capital gains do i pay
Submitted: 8 years ago.
Category: UK Tax
Expert:  Tony Tax replied 8 years ago.
Can you tell me if the property was something you used in a business or an investment asset that you let out?

Edited by Tony on 6/17/2010 at 6:11 PM EST
Customer: replied 8 years ago.
the property was used as a business i am finishing the business
Expert:  Tony Tax replied 8 years ago.
Thanks.

Can you elaborate a little on the nature of the business that operated from the building please. Was it a limited company or were you a sole trader? Do you own the property personally or is it owned by your company if you have one? Are you selling the business or just closing it down?

Edited by Tony on 6/17/2010 at 8:30 PM EST