| This is in stark contrast to Non-Business
Assets for which 100% of the gain is still taxable
after two years, and it is only after 10 years that
this will decrease to 60%.
Whether something is classed as a Business Asset
or a Non-Business Asset can have a substantial impact
on tax liabilities.
The Taper Relief legislation is complicated and
has already changed a number of times since it’s
introduction in 1998. Business asset taper relief
can be completely lost or restricted for a number
of reasons costing literally £’000s
in extra tax, but there are often ways to rectify
the position.
Any action must be taken now rather than just prior
to the sale of any assets if the maximum relief is
to be obtained.
We can perform a review and produce a report highlighting
problem areas and suggesting possible solutions,
which would be a wise investment now to save tax
in the long run.
For further details of our review please complete
the feedback form, email IanPatterson@Hansons.uk.com or contact Ian Patterson on 01977 552 881. |
