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1/18/2012
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VerifiedHello,
He will first be allowed to deduct £10,600 annual exempt amount from the gains realised from the disposal of the farm.
Please note that the proceeds are indicated as £45K, this does not mean that the gains are £45K, it is unclear what the gain is here.
If he qualifies for entrepreneurs relief, he will pay a flat CGT rate of 10% on the gain (less the annual exempt amount).
Since he has already sold the farm, a chargeable gain has arisen and there is not much else he can do (e.g. gift to a spouse, transfer ownership jointly etc.)
Hope this helps. Please click on Accept
He will first be allowed to deduct £10,600 annual exempt amount from the gains realised from the disposal of the farm.
Please note that the proceeds are indicated as £45K, this does not mean that the gains are £45K, it is unclear what the gain is here.
If he qualifies for entrepreneurs relief, he will pay a flat CGT rate of 10% on the gain (less the annual exempt amount).
Since he has already sold the farm, a chargeable gain has arisen and there is not much else he can do (e.g. gift to a spouse, transfer ownership jointly etc.)
Hope this helps. Please click on Accept
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