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Q: I’m approaching retirement and looking to sell my business. Will there be taxes to pay?

Mar 12 2007

Answered by: Clive Lewis Ask a question

Normally any profit on selling will be subject to capital gains tax - the first £7,100 of gains each year will always be exempt.CGT is normally charged at your top rate of income tax, but this rate falls the longer you have had the business.

You can read more on capital gains tax on our sister website TaxGuide.co.uk.

Also, SmallBusiness have produced a series of guides & tips around selling your business.

Read this article on 'how to sell your business'.

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Selling your business Questions & Answers

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Chas Roy-Chowdhury, ACCA Ask a question

Clive Lewis is Head of SME Issues at the Institute of Chartered Accountants in England & Wales

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