29. Sale of a business to a company

A sole trader or partnership may decide, for a variety of reasons, to incorporate the business. Incorporation will give rise to a number of tax and other problems. This chapter considers these problems and how they can be avoided, or at least mitigated. It shows that the tax rules are the most important consideration in this area, since if they are not appreciated, an unexpected tax bill can cause very serious cash flow problems. They include rules on income tax, capital gains tax, VAT, and stamp duty/stamp duty land tax.

29. Sale of a business to a company

10.1093/he/9780198787686.003.0029 ◽

2017 ◽

Author(s):

J. Scott Slorach ◽

Jason Ellis

Keyword(s):

Cash Flow ◽

Income Tax ◽

Capital Gains ◽

Capital Gains Tax ◽

Flow Problems ◽

Stamp Duty ◽

A sole trader or partnership may decide, for a variety of reasons, to incorporate the business. Incorporation will give rise to a number of tax and other problems. This chapter considers these problems and how they can be avoided, or at least mitigated. It shows that the tax rules are the most important in this area, since if they are not appreciated the payment of an unexpected tax bill can cause very serious cash flow problems. These include rules on income tax, capital gains tax, VAT, and stamp duty/stamp duty land tax.

29. Sale of a business to a company

10.1093/he/9780198823230.003.0029 ◽

2018 ◽

Author(s):

J. Scott Slorach ◽

Jason Ellis

Keyword(s):

Cash Flow ◽

Income Tax ◽

Capital Gains ◽

Capital Gains Tax ◽

Flow Problems ◽

Stamp Duty ◽

A sole trader or partnership may decide, for a variety of reasons, to incorporate the business. Incorporation will give rise to a number of tax and other problems. This chapter considers these problems and how they can be avoided, or at least mitigated. It shows that the tax rules are the most important in this area, since if they are not appreciated the payment of an unexpected tax bill can cause very serious cash flow problems. These include rules on income tax, capital gains tax, VAT, and stamp duty/stamp duty land tax.

29. Sale of a business to a company

Business Law 2020-2021 ◽

10.1093/he/9780198858393.003.0029 ◽

2020 ◽

pp. 292-297

Author(s):

J. Scott Slorach ◽

Jason Ellis

Keyword(s):

Cash Flow ◽

Income Tax ◽

Capital Gains ◽

Capital Gains Tax ◽

Flow Problems ◽

Stamp Duty ◽

A sole trader or partnership may decide, for a variety of reasons, to incorporate the business. Incorporation will give rise to a number of tax and other problems. This chapter considers these problems and how they can be avoided, or at least mitigated. It shows that the tax rules are the most important consideration in this area, since if they are not appreciated, an unexpected tax bill can cause very serious cash flow problems. They include rules on income tax, capital gains tax, VAT, and stamp duty/stamp duty land tax.

20. Taxation in Family Law

Family Law ◽

10.1093/he/9780198860730.003.0020 ◽

2020 ◽

pp. 207-211

Author(s):

Roiya Hodgson

Keyword(s):

Income Tax ◽

Family Law ◽

Capital Gains ◽

Capital Gains Tax ◽

Taxable Income ◽

Stamp Duty ◽

Family law practitioners must be aware of the tax implications of any financial settlement and make it tax- efficient for the client. This chapter examines the types of tax most relevant to family law. Income tax is a type of tax paid on taxable income and, the basic personal allowance, as well as the higher and further rates, are discussed. Capital gains tax (CGT) arises on disposal of an asset or the receipt of money in respect of an asset if there is a ‘chargeable gain’, and examples of these are listed, as well as the relation of CGT and sponses/civil partners/family assets. Inheritance taxand stamp duty land tax are also discussed.

20. Taxation in Family Law

Family Law 2019 ◽

10.1093/he/9780198837732.003.0020 ◽

2018 ◽

pp. 207-211

Author(s):

Jane Sendall

Keyword(s):

Income Tax ◽

Family Law ◽

Capital Gains ◽

Capital Gains Tax ◽

Inheritance Tax ◽

Stamp Duty ◽

Family law practitioners must be aware of the tax implications of any financial settlement and make it tax- efficient for the client. This chapter discusses the types of tax most relevant to family law, including income tax, capital gains tax, inheritance tax, and stamp duty land tax.

20. Taxation in Family Law

Family Law 2018 ◽

10.1093/he/9780198787716.003.0020 ◽

2018 ◽

Author(s):

Jane Sendall

Keyword(s):

Income Tax ◽

Family Law ◽

Capital Gains ◽

Capital Gains Tax ◽

Inheritance Tax ◽

Stamp Duty ◽

Family law practitioners must be aware of the tax implications of any financial settlement and make it tax efficient for the client. This chapter discusses the types of tax most relevant to family law, including income tax, capital gains tax, inheritance tax, and stamp duty land tax.

20. Taxation in Family Law

Family Law 2020 ◽

10.1093/he/9780198855033.003.0020 ◽

2019 ◽

pp. 207-211

Author(s):

Jane Sendall ◽

Roiya Hodgson

Keyword(s):

Income Tax ◽

Family Law ◽

Capital Gains ◽

Capital Gains Tax ◽

Taxable Income ◽

Stamp Duty ◽

Family law practitioners must be aware of the tax implications of any financial settlement and make it tax- efficient for the client. This chapter examines the types of tax most relevant to family law. Income tax is a type of tax paid on taxable income and, the basic personal allowance, as well as the higher and further rates, are discussed. Capital gains tax (CGT) arises on disposal of an asset or the receipt of money in respect of an asset if there is a ‘chargeable gain’, and examples of these are listed, as well as the relation of CGT and sponses/civil partners/family assets. Inheritance taxand stamp duty land tax are also discussed.

22. Capital gains tax and inheritance tax on business assets

Business Law 2019-2020 ◽

10.1093/he/9780198838579.003.0022 ◽

2019 ◽

pp. 213-232

Author(s):

J. Scott Slorach ◽

Jason Ellis

Keyword(s):

Capital Gains ◽

Capital Gains Tax ◽

Business Context ◽

Inheritance Tax ◽

Tax Regimes ◽

This chapter examines the capital gains tax (CGT) and inheritance tax regimes which apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

4. Taking instructions and other initial matters

Property Law 2019-2020 ◽

10.1093/he/9780198838531.003.0004 ◽

2019 ◽

pp. 23-44

Author(s):

Robert Abbey ◽

Mark Richards

Keyword(s):

Capital Gains ◽

Professional Conduct ◽

Capital Gains Tax ◽

Client Care ◽

The Law ◽

Stamp Duty

This chapter discusses initial activities in the conveyancing process including advising joint buyers on co-ownership; advising buyers to have a survey of the property carried out before exchange of contracts; estate agents; capital gains tax; stamp duty land tax; client care and advice on costs; professional conduct; the Law Society’s National Conveyancing Protocol; and advising on finance.