Entrepreneurs relief Flashcards

1
Q

ER Assets?

A
  1. Disposal of entire business
  2. Cease business (sell assets in 3 years)
  3. Personal service company shares (5% ownership atleast, employee of company and trading company)
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2
Q

ER Conditions?

A
  1. Assets used in trade.
  2. ER takes up basic band first.
  3. Ownership of at least 2 years prior to disposal.
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3
Q

ER exam tips?

A
  1. No individual assets
  2. No investment assets
  3. A/E + Capital losses can be used for other gains taking up higher band.
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4
Q

ER Claim?

A

31/01 following tax year.

For ex: for 18/19 claim on 31/01/21

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