Entepreneurs' relief

Q: I am the sole owner of my practice premises, having bought out the retiring partners. My new partners in the practice and I as the tenants signed a 20-year lease last year. As a part of inheritance tax planning, I wish to gift the practice premises to my family who will run it via a company. Do the premises qualify as a business asset for capital gains tax (CGT) purposes? If so, what rate of tax is due? If I were to gift the property to a company formed by my family, does any CGT potentially arise on the gifting of the property to the family?

YOU NEED TO SUBSCRIBE TO VIEW THIS ARTICLE

Already subscribed? Log in here

Subscribe to Medeconomics

Sign up for a 14-day free trial

Please enter your details

Forgotten Password?

Forgotten password?

Having trouble signing in?

Contact our online support team at support@medeconomics.co.uk

[DAYS_LEFT] days left of your Medeconomics free trial

Subscribe now

Your free trial has expired

Subscribe now to access Medeconomics

"I did not have to think twice about subscribing to Medeconomics... I find this website the only place I can find an up to date and accurate database of fees"

Pratice Manager, Canterbury