Business Asset Disposal Relief – claim a reduced rate of tax on selling your business!
The availability of BADR can reduce the rate of CGT payable by the shareholders of a company on a disposal of their shares from 20% to 10%. It can also apply to a sale of a sole trade or share of a partnership business. Certain conditions must be met in order to claim BADR, so it is important to undertake a thorough review to ensure both the business and the individual qualify for the relief, and any planning opportunities are maximised.
As always, the key to successful tax planning is to seek advice as early as possible.
If you would like more information or would like to discuss your tax affairs in more detail please don't hesitate to contact our Tax Partners, Steve Crompton or Lucy Williams on the details below:
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292543
mobile: 07807 053494