S Corbett (TC3435)
A cafe owner wishes to sell his business, which is operated by his limited company. As director, he is still owed £18,000 from monies previously loaned to the company
Problems to avoid if you want to claim entrepreneurs’ relief
Phased completion can affect other shareholders’ relief
To mitigate income tax liability, a client transferred commercial property into the joint names of himself and his wife. However, only his share is eligible to capital gains tax entrepreneurs’ relief
Two of the partners in a five-partner firm own the property from which the business carries on its profession. An attractive offer has been made to purchase the premises before one of the owners retires