Capital Gains Tax

jamesbh · 08-05-2014 4:10pm #1

Hi, my brother & I are equal shareholders in the family business - a limited company. We are considering selling and are wondering if we will be liable for Capital Gains Tax on a personal basis. The business itself would not be as it has been in the family for 50 years plus.

If we simply sell the shareholding would this avoid CGT.

Thank You,
James

CIARAN_BOYLE · 08-05-2014 5:17pm

jamesbh wrote: »

Hi, my brother & I are equal shareholders in the family business - a limited company. We are considering selling and are wondering if we will be liable for Capital Gains Tax on a personal basis. The business itself would not be as it has been in the family for 50 years plus.

If we simply sell the shareholding would this avoid CGT.

Thank You,
James

If you sold the business you will have to pay CGT assuming that the Business has risen in value from the point at which you acquired the business.

Alan Shore · 08-05-2014 5:17pm

You are selling shares and shares are an asset for the purposes of CGT.

You should seek professional advice the first question the will ask is when did you acquire the shares and how much were they valued at?

Capital Gains Tax

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