Entrepreneurs relief Flashcards
1
Q
ER Assets?
A
- Disposal of entire business
- Cease business (sell assets in 3 years)
- Personal service company shares (5% ownership atleast, employee of company and trading company)
2
Q
ER Conditions?
A
- Assets used in trade.
- ER takes up basic band first.
- Ownership of at least 2 years prior to disposal.
3
Q
ER exam tips?
A
- No individual assets
- No investment assets
- A/E + Capital losses can be used for other gains taking up higher band.
4
Q
ER Claim?
A
31/01 following tax year.
For ex: for 18/19 claim on 31/01/21