- Ownership of at least 5% of shares in the business
- Have owned these shares for 12 months
- Business must have been trading for at least 1 year
- Be a director, partner or employee of the business.
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If you are intending to sell or close part or all of your business, there are many different types of reliefs that you may be eligible to claim. These vary from Business Asset Roll-Over Relief, Incorporation Relief to Entrepreneurs' Relief. Each of which will help reduce your overall capital gains tax liability. One of the reliefs that business owners can claim for is Entrepreneurs' Relief. This relief is given on the qualifying profits of a business disposal as long as you satisfy the criteria. There is actually no limit as to the number of times you can claim Entrepreneurs’ Relief, but during your lifetime, there is a maximum of up to £10 million for disposals made on or after April 6 2011. Before you are eligible to claim entrepreneurs’ relief for the sale of a company, the conditions that you have to fulfil are:
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