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CGT on Business

  • 04-12-2017 9:20pm
    #1
    Specialk36
    Registered Users, Registered Users 2 Posts: 8 ✭


    Hi all
    Just looking for some answers.....
    Bought a business a few years ago..... and I am wondering if the "man" should of paid CGT on this?

    He hasn't .... but is saying he retired <which is didn't> and he was to young for the over 55 limit on this.

    He is also saying.. the money was going off his mortgage... <not all of it did> and also he didn't have access to it...<which he did> ... So i am hoping to find out... if he does have to pay CGT on this.... and how much roughly ?


Comments

  • #2
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    Specialk36 wrote: »
    Hi all
    Just looking for some answers.....
    Bought a business a few years ago..... and I am wondering if the "man" should of paid CGT on this?

    He hasn't .... but is saying he retired <which is didn't> and he was to young for the over 55 limit on this.

    He is also saying.. the money was going off his mortgage... <not all of it did> and also he didn't have access to it...<which he did> ... So i am hoping to find out... if he does have to pay CGT on this.... and how much roughly ?

    Most likely you will not find out this, however......

    There is the possibility that he had losses forward for CGT purposes, and thus no CGT was paid.

    What did you purchase from him?
    If it was a sole trade business at €100k, and assets were €20k then possibly the goodwill was € 80k. Thus a rough €26k in CGT could have been due.

    However, as this information is personal there is no way of knowing.

    If you bought a company, then there is the assumption that the purchase price you paid would be at 33%.

    Again limited information...


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