Changes to taxation rules mean that as of 6 April 2002, business assets held for four years or more can be taxed at 10% instead of the current 40%
As of 6 April 2002, business assets held for more than four years can be disposed of at the lowest level of capital gains tax, 10% rather than 40%. Business taper relief, which was introduced along with CGT taper relief that applies to shares and investments, applies solely to the sale of business assets, such as the business itself, or a portion of those assets. Until the start of this tax year, the sale of these assets would have incurred a tax liability of 40%. Now, so long as they have been held for a minimum of four years, the tax liability would be just 10%, leading Scottish Equi...
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