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Quick CGT question

riveratom · 2022-10-16 20:00:37

Hi folks, Does CGT apply only on the sale of an asset you acquired or purchased? Or does it apply on the sale of an asset you built from scratch? Example: I started a restaurant 8 years ago and sold it last year. Am I liable for CGT or only income tax for the period prior to the sale?

16-10-2022 8:00pm

#1

riveratom

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Posts: 902

Hi folks,
Does CGT apply only on the sale of an asset you acquired or purchased? Or does it apply on the sale of an asset you built from scratch?
Example: I started a restaurant 8 years ago and sold it last year. Am I liable for CGT or only income tax for the period prior to the sale?

0

Comments

#2 17-10-2022 11:20am

Geuze

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If you personally build a house, and years later sell it at a gain, then that gain is subject to CGT.
If you build up a business, and later sell it for a gain, then that gain is subject to CGT.

Note that there are reliefs from CGT possible when disposing of farms and businesses.

2