If I sell my small b and b will I be liable for capital gains or corporation tax? This house is also my home so not 100% business.
2006-07-15 02:21:24 · 2 answers · asked by Jackie 4 in Business & Finance ➔ Taxes ➔ United Kingdom
You would be liable for capital gains tax. Calculating the actual amount of tax can be difficult, as you will be entitled to both business and non-business asset taper relief, principal private residence relief, and letting exemption relief. You will also need to consider the implications of Owen v Elliott to calculate how much of the house qualifies for principal private residence relief.
I suggest you talk to a qualified accountant, preferably a member of the Chartered Institute of Taxation for proper advice.
2006-07-15 03:56:08 · answer #1 · answered by Grimbold 2 · 0⤊ 0⤋
u will have capital gains tax on the profits.......no corporation tax if you are not a Ltd company
2006-07-15 12:35:58 · answer #2 · answered by ~Lez~ 2 · 0⤊ 0⤋