Business Asset Disposal Relief
Business Asset Disposal Relief is available if you dispose of a trading asset. It is still available for furnished holiday lettings although this is under review. It could also apply if you sell a commercial property which was used in your trade or by your personal company within the three years prior to disposal.
If you are entitled to Business Asset Disposal Relief, then the tax rate reduces from 18%/20%/28% to 10% of gains up to a lifetime limit of £1 million. As this relief is not available to most landlords, no further details are given here and advice should be sought.
© Thandi Nicholls Ltd 2023 All Rights Reserved – The above articles are provided for guidance only and may not cover your personal circumstances so you should not rely on them. It is important that you seek appropriate professional advice which takes into account your personal circumstances where you can provide the full facts of the case and all documents related to your case. Thandi Nicholls Ltd t/a uklandlordtax.co.uk, S S Thandi and M S Bains cannot be held responsible for the consequences of any action or the consequences of deciding not to act.
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