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Capital Gains Tax Question

  • 27-03-2014 2:59pm
    #1
    ABCCBA
    Registered Users, Registered Users 2 Posts: 9 ✭


    Hi everyone, Could anyone give me some advises to complete this question?
    thank you!

    Tom Jones, aged 60, has been running his business for many years. He has decided to take early retirement. His daughter, Sonya, has been working in the business for the last 5 years. Tom would like to transfer the business to Sonya.

    Alternatively, a local businessman has made an offer to buy the business for 850,000.

    REQUIRED:
    (a) Advise Tom of any capital gains tax liability that he might have
    (i) on the transfer of the business to his daughter
    (ii) on the sale of the business to the local businessman.
    (b) Recommend which course of action he should take in order to minimise his tax liabilities.

    Note: Marks will be awarded for numerical examples used to support your advice
    Failed to load the poll.


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