C Reliefs (2) Flashcards
When must business asset disposal relief be claimed?
Within 2 years
Are chattels tangible moveable property?
No
Are chattels exempt if they are wasting assets?
Yes
Where is releif available for rollover relief?
One year before AND three years after
When is 10% CGT rate calculated?
After the deduction of allowable losses
Does a freehold shop qualify BADR?
Yes
Goodwill acquired on purchase of trade and assets of another business (non-qualifying or qualifying for rollover)
Non-qualifying
Vehicle costing £150,000 with an estimated useful life of 50 years (non-qualifying or qualifying for rollover)
Non-qualifying
Land acquired for business use (non-qualifying or qualifying for rollover)
Qualifying
75% shareholding of an unquoted trading company (non-qualifying or qualifying for rollover)
Non-qualifying
For disposal of shars to qualify for BADR?
Shares were not held for at least two years
Examples of items not exempt from capital gains tax?
Decoration for bravery which Annie purchased
An antique vase
When does a chargeable disposal arise for a damaged asset?
On the date of the receipt
“Made a gift” is equivalent to what in chargeable gains?
Making a disposal
Delaying sale of shares benefit?
Tax liability due later results in a cash flow benefit
