Documents related to 'Election to transfer gain or loss to other group company'
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Election to disapply incorporation reliefWhere you transfer your sole trader or partnership business to a company in which you own shares, often referred to as incorporating your business, it counts for capital gains tax purposes as if you had sold i... Read more
16 Nov 2016
Holdover relief claimWhen you give away an asset for no consideration, or knowingly sell it for less than it's worth, you will be charged capital gains tax based on the market value. However, you might be able to make a claim to hold this gain over de... Read more
04 Jan 2019
Election to transfer assets at written down valueWhere you transfer your sole trader or partnership business to a company, plant and machinery or other tangible fixed assets are often transferred too. Strictly, these assets have to be transferred at ... Read more
23 Nov 2016
Election for business asset disposal relief to apply to QCBsWhen you sell a business the purchasing company might offer to pay you with loan notes. This is a loan arrangement but in the form of a security, i.e. like shares. The loan notes pay interes... Read more
04 Nov 2016
CGT rollover relief claim When you've sold an asset that was used in your business, and this results in a capital gain, it's possible to defer or even avoid tax on this by claiming rollover relief. Selling a business assetCapital gains tax (CGT) applie... Read more
29 Jul 2009
Election to carry back earn out lossIf you sell a business which includes an earn-out arrangement, e.g. the sale price is wholly or partly deferred and paid depending on the profits made by the purchaser's company after the sale, you must estimate th... Read more
16 Jan 2017
Election for foreign lossesIf you are non-UK domiciled but tax resident here, you can claim the remittance basis of assessment for your foreign income and gains. Where you make a capital gains tax (CGT) loss on foreign assets you can obtain relief ag... Read more
07 Mar 2018
CGT negligible value claimIf you own an asset that has become of negligible value, i.e. worthless, you can make a negligible value claim which entitles you to treat the asset as if it were sold for nothing. The effect of this is to create a capital l... Read more
13 Nov 2009
Intangible asset rollover relief claimIf your company sells a chargeable intangible fixed asset, it can give rise to a gain which is subject to corporation tax. However, if further intangible assets are bought, rollover relief for the gain can be cla... Read more
09 Nov 2017
Claim for a capital loss for an irrecoverable loan to a traderIf you made a loan to a business which it cannot repay, the amount remaining outstanding may be treated as a capital loss. HMRC requires conditions to be met before it will accept the loss... Read more
24 Sep 2009
