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Capital Gains Tax

cornertalk · 2007-06-14 19:28:12

Hey guys, If someone inherits a business, can they use the business' retained earnings to pay the CGT payable? Any answers would be greatly appreciated! Thanks!

14-06-2007 7:28pm

#1

cornertalk

Closed Accounts Posts: 13 ✭

Join Date: June 2007

Posts: 5

Hey guys,

If someone inherits a business, can they use the business' retained earnings to pay the CGT payable?
Any answers would be greatly appreciated!
Thanks!

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Comments

#2 14-06-2007 9:29pm

Kinetic^

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Posts: 12373

This is something you need to talk to an accountant about. It's not that straight forward tbh.

It's also Capital Acquisitions Tax that needs to be paid......if there is a liability of course.

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#3 18-06-2007 7:29pm

Kingkong

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Posts: 425

If the business in a Limited company you must first transfer the funds required by paying a divident which wil tigger an income tax libability then you can use the funds to the CGT liabiity. There is business reliefs for inhertiancing a family business which reduce your CGT liability.

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