{"id":5752,"date":"2019-01-22T21:53:45","date_gmt":"2019-01-22T21:53:45","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=5752"},"modified":"2024-11-08T12:22:36","modified_gmt":"2024-11-08T12:22:36","slug":"business-asset-disposal-relief-scheme","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/business-asset-disposal-relief-scheme\/","title":{"rendered":"What is the Business Asset Disposal Relief scheme, and is my business eligible?"},"content":{"rendered":"      <div class='post-lastupdated'>\r\n        <strong>Last updated: 8 Nov 2024<\/strong>\r\n      <\/div>\r\n    \n<p>Change can be pretty costly for business owners. Whether it\u2019s deciding to sell your business, getting rid of major assets, or selling off shares in your limited company, chances are you\u2019ll need to think long and hard about how much you actually stand to gain or lose by shedding, selling, or gifting part of your company \u2013 particularly where tax is concerned.<\/p>\n<p>Fortunately, the UK Government has a special relief scheme in place that is designed to reduce the amount of Capital Gains Tax payable by business owners when they are disposing of certain assets. This scheme is called Business Asset Disposal Relief, which replaced Entrepreneurs&#8217; Relief in <a href=\"https:\/\/www.gov.uk\/government\/publications\/change-to-the-entrepreneurs-relief-lifetime-limit-for-capital-gains-tax\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"external\">Finance Bill 2020<\/a>.<\/p>\n<p>The scheme features a broadly inclusive set of requirements that could ultimately save you and your business a great deal of money in tax, so it&#8217;s worth getting to grips with the basics to gain a better understanding of how the Business Asset Disposal Relief scheme can benefit you and your business.<\/p>\n<h3 id=\"what-is-entrepreneur-relief-scheme\">What is the Business Asset Disposal Relief scheme?<\/h3>\n<p>The <a href=\"https:\/\/www.gov.uk\/business-asset-disposal-relief\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"external\">Business Asset Disposal Relief scheme<\/a> is a government tax allowance that reduces the amount of <a href=\"https:\/\/www.gov.uk\/capital-gains-tax\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"external\">Capital Gains Tax<\/a> you need to pay on the disposal of qualifying business assets. Those disposals must have occurred on or after 6 April 2008 and meet certain conditions throughout a one-year qualifying period that either includes the date of disposal or the date your business stopped trading.<\/p>\n      <div class=\"shortcode shortcode-image\">\r\n        <a href=\"https:\/\/acn.ionos.co.uk\/aff_c?offer_id=3&amp;aff_id=8964&amp;url_id=309\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_325x340_UK.png\"\r\n            alt=\"FREE .co.uk Domain Name.\"\r\n            class=\"md:hidden\"\r\n            loading=\"lazy\"\r\n          \/>\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_980x150_UK.png\"\r\n            alt=\"FREE .co.uk Domain Name.\"\r\n            class=\"hidden md:block\"\r\n            loading=\"lazy\"\r\n          \/>\r\n        <\/a>\r\n      <\/div>\r\n    \n<p>It\u2019s also important to note that, as an individual under the scheme, you are restricted to a lifetime limit for qualifying capital gains. The limits are as follows:<\/p>\n<ul>\n<li>\u00a31 million for any qualifying disposals from 11 March 2020 onwards<\/li>\n<li>\u00a310 million for any qualifying disposals from 6 April 2011 to 10 March 2020<\/li>\n<li>\u00a35 million for any qualifying disposals between 23 June 2010 to 5 April 2011<\/li>\n<li>\u00a32 million for any qualifying disposals between 6 April 2010 to 22 June 2010<\/li>\n<li>\u00a31 million for any qualifying disposals between 6 April 2008 to 5 April 2010<\/li>\n<\/ul>\n<h3 id=\"who-can-claim-entrepreneur-relief\">Who can claim Business Asset Disposal Relief?<\/h3>\n<p>Most individuals, qualifying beneficiaries, and some trustees of settlements are permitted to claim Business Asset Disposal Relief. That being said, the scheme is not available to companies or to the personal representatives of deceased individuals. Trustees are also not permitted to claim tax relief using the scheme if their entire trust is a discretionary settlement.<\/p>\n<p>          <li class=\"marker:!text-primary\">\r\n            <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/what-is-a-business-loan-and-how-can-my-company-get-one\/\" class=\"font-semibold\" data-wpel-link=\"internal\"><span>What is a business loan and how can my company get one?<\/span><\/a>\r\n          <\/li>\r\n                            <li class=\"marker:!text-primary\">\r\n            <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/how-can-i-sell-my-business\/\" class=\"font-semibold\" data-wpel-link=\"internal\"><span>How can I sell my business?<\/span><\/a>\r\n          <\/li>\r\n                            <li class=\"marker:!text-primary\">\r\n            <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/my-company-has-failed-how-do-i-bounce-back\/\" class=\"font-semibold\" data-wpel-link=\"internal\"><span>My company has failed: how do I bounce back?<\/span><\/a>\r\n          <\/li>\r\n                  <\/p>\n<p>Husbands, wives, and civil partners count as separate individuals as part of the scheme, which means that they&#8217;re also entitled to make claims up to the maximum amount available to individuals.<\/p>\n<h3 id=\"how-much-can-you-claim-using-entrepreneur-relief\">How much can you claim using Business Asset Disposal Relief?<\/h3>\n<p>Individuals or qualifying trustees can claim Business Asset Disposal Relief as part of their <a href=\"https:\/\/www.gov.uk\/self-assessment-tax-returns\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"external\">Self Assessment tax return<\/a>. Alternatively, you can also claim relief by writing to HMRC by the first anniversary of 31 January following the end of the tax year in which the qualifying disposal took place.<\/p>\n<p>If you are entitled to claim Business Asset Disposal Relief, qualifying gains for disposals made on or before 22 June 2010 will be reduced by 4\/9, as well as the net amount charged to Capital Gains Tax at a rate of 18%.<\/p>\n<p>For qualifying disposals made from 23 June 2010 until 5 April 2025, qualifying gains will be reduced by 4\/9 plus the net amount charged to Capital Gains Tax at a 10% rate. The rate for disposals made on or after 6 April 2025 is 14%.<\/p>\n      <div class=\"shortcode shortcode-image\">\r\n        <a href=\"https:\/\/hubspot.sjv.io\/OrKdGZ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_mobile.png\"\r\n            alt=\"Get Started With HubSpot's Free Tools.\"\r\n            class=\"md:hidden\"\r\n            loading=\"lazy\"\r\n          \/>\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_desktop.png\"\r\n            alt=\"Get Started With HubSpot's Free Tools.\"\r\n            class=\"hidden md:block\"\r\n            loading=\"lazy\"\r\n          \/>\r\n        <\/a>\r\n      <\/div>\r\n    \n<p>If qualifying gains and previous gains you\u2019ve already claimed on Business Asset Disposal Relief exceed the lifetime limit we\u2019ve already discussed, the excess claim for disposal will be taxed at a normal rate of Capital Gains Tax. This calculation will be made at the time your gains accrue.<\/p>\n<p>In the current 2025-26 tax year, this means that if you work out the gains of your qualifying assets, add them all together and then deduct your tax-free allowance, you\u2019ll only have to pay 14% tax on everything that\u2019s left over.<\/p>\n<p>There is no limit on the number of times you can claim tax relief under the scheme for assets you sell or dispose of. The only way in which you\u2019re limited is the amount you can claim over your lifetime.<\/p>\n<p>If you\u2019re after some tips on how to claim relief, the UK Government has a <a href=\"https:\/\/www.gov.uk\/government\/publications\/entrepreneurs-relief-hs275-self-assessment-helpsheet\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"external\">helpsheet online<\/a>.<\/p>\n<h3 id=\"claiming-as-an-individual\">Claiming Business Asset Disposal Relief as an individual<\/h3>\n<p>If you want to claim Business Asset Disposal Relief as an individual, you can do so when you file for Self Assessment. Yet to qualify for relief, you\u2019ll need to meet the conditions outlined during your qualifying period.<\/p>\n<p>You can claim relief up to your individual limit for one of the following categories:<\/p>\n<ul>\n<li>Assets used in your business that are being sold as part of the disposal of part or all of your business<\/li>\n<li>Assets used by your business or partnership that have been disposed of within three years of when your business stopped trading (this category doesn\u2019t include shares or securities)<\/li>\n<li><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/what-does-it-mean-to-have-shares-in-a-company\/\" data-wpel-link=\"internal\">Shares<\/a> or securities in your limited company<\/li>\n<li>Your personal assets that are being used to continue the business (this category can only be claimed if the transfer of assets is associated with the disposal of your interest in the partnership or business)<\/li>\n<\/ul>\n<p>It\u2019s also worth noting that, as an individual, you can claim Business Asset Disposal Relief on any type of trade or profession apart from a business that includes the letting of property.<\/p>\n<p>Depending upon the type of disposal you\u2019ve made as per the above categories, there are different qualifying conditions you\u2019ll need to meet to claim the relief. Conditions you should be aware of when attempting to claim Business Asset Disposal Relief as an individual include:<\/p>\n<h4 id=\"disposal-of-whole-or-part-of-your-business\">Disposal of whole or part of your business<\/h4>\n<p>If you are trying to claim Business Asset Disposal Relief disposing or some or all of your business, you must have owned the business directly, or you must have been a member of the partnership that owned the business. You can\u2019t claim Business Asset Disposal Relief if you\u2019re disposing of the assets of a continuing business unless the disposal encompasses a particular part of the business.<\/p>\n<p>You must have owned the business directly or it must have been owned by a partnership in which you were a member. Business Asset Disposal Relief is not available on the disposal of assets of a continuing business unless they\u2019re comprised in the disposal of a distinct part of the business.<\/p>\n<h4 id=\"disposal-of-the-goodwill-of-your-business\">Disposal of the goodwill of your business<\/h4>\n<p>If you\u2019ve disposed the whole or part of your business to a company controlled by five people or less, and that disposal happened on or after 3 December 2014, any gain made on the goodwill that disposal included will not qualify for relief.<\/p>\n<h4 id=\"disposal-of-assets-after-you-cease-trading\">Disposal of assets after you cease trading<\/h4>\n<p>To qualify for the scheme through the disposal of assets after your business stops trading, you will need to have owned the business directly throughout the qualifying period, ending on the date your business stopped trading. The disposal you\u2019re claiming for relief must also have been within three years of the date you stopped trading.<\/p>\n<h4 id=\"disposal-of-shares-or-securities\">Disposal of shares or securities<\/h4>\n<ol>\n<li>To claim relief on the selling or disposal of shares or securities of a company you own, your company must be trading or part of a trading group throughout the qualifying period. You must also be an officer or employee of that company. As per the scheme, you can claim a company as your personal company if you hold a minimum of 5% of the ordinary share capital.<\/li>\n<\/ol>\n<h4 id=\"associated-disposals\">Associated disposals<\/h4>\n<p>Disposal counts as associated disposal if it takes place as part of your withdrawal from a business you own or a business you\u2019ve got a 5% stake in that you are also an officer or employee of.<\/p>\n<p>To claim Business Asset Disposal Relief on associated asset disposal, the asset you are selling or giving away needs to be associated with a reduction of your interests in the business or your shares in the limited company. You don\u2019t have to reduce the amount of time you spend working for the company to qualify for the tax break \u2013 only your financial interest in the company.<\/p>\n      <div class=\"shortcode shortcode-image\">\r\n        <a href=\"https:\/\/portal.worldfirst.com\/register?region=UK&amp;affiliate_id=10378\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/WFT_BANNER_326x341.png\"\r\n            alt=\"Worldfirst - Pay and get paid in multiple currencies\"\r\n            class=\"md:hidden\"\r\n            loading=\"lazy\"\r\n          \/>\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/WFT_BANNER_980x150.jpg\"\r\n            alt=\"Worldfirst - Pay and get paid in multiple currencies.\"\r\n            class=\"hidden md:block\"\r\n            loading=\"lazy\"\r\n          \/>\r\n        <\/a>\r\n      <\/div>\r\n    \n<p>An example could be if you own a limited company trading as a consulting business and decide to sell all of your shares in the company to your sister. You can keep working full-time as a consultant for the company and still claim Business Asset Disposal Relief on the disposal of your shares.<\/p>\n<h3 id=\"claiming-as-a-trustee\">Claiming Business Asset Disposal Relief as a trustee<\/h3>\n<p>If you are the trustee of a settlement, you are allowed to claim Business Asset Disposal Relief if you dispose of trust property like shares, securities, and the assets or trading company of a qualifying beneficiary.<\/p>\n<p>That being said, you can only claim tax relief if you\u2019re able to meet the following requirements relative to the category of asset you\u2019re selling or disposing of:<\/p>\n<h4 id=\"disposal-of-shares-or-securities\">Disposal of shares or securities<\/h4>\n<p>To claim on the disposal of shares or securities as a trustee, you need to be able to prove the company whose shares you\u2019re disposing of belonged to the qualifying beneficiary or a trading company for at least one year leading up to the disposal of shares or securities. You cannot claim on shares or securities disposed of more than three years ago.<\/p>\n<h4 id=\"disposal-of-assets-used-for-the-qualifying-beneficiarys-business\">Disposal of assets used for the qualifying beneficiary\u2019s business<\/h4>\n<p>If you want to claim on assets that were used for the qualifying beneficiary\u2019s business, those assets need to have been used within the last year leading up to its disposal. The qualifying beneficiary also needs to have ceased carrying on the business from the date of disposal.<\/p>\n<p>It\u2019s also important to note that if you are a trustee of a settlement looking to claim tax relief on business disposal, relief awarded will ultimately reduce the amount of money the beneficiary is allowed to claim up to their lifetime limit of qualifying gains. Also, if there are multiple beneficiaries of the trust who have interests, just a part of the gain will ordinarily qualify for tax relief under the scheme.<\/p>\n<h3 id=\"claiming-husband-wife-civil-partner\">Claiming as a husband, wife, or civil partner<\/h3>\n<p>We\u2019ve already pointed out that it\u2019s possible to claim under the Business Asset Disposal Relief Scheme as a husband, wife, or civil partner. Generally speaking, the rules surrounding these people are roughly the same as the rules applied to individuals claiming relief.<\/p>\n<p>Each person is allowed to claim relief up to the maximum lifetime limit of qualifying gains. But it\u2019s important to note that if you hold shares jointly with somebody else, in the eyes of the government you\u2019ll be treated as holding an appropriate proportion of the total holding and voting rights.<\/p>\n<h2 id=\"the-bottom-line\">The bottom line<\/h2>\n<p>The Business Asset Disposal Relief scheme is an ideal way to reduce the taxes you\u2019re paying as an individual through Self Assessment of assets or shares you\u2019re selling. It\u2019s a relatively straightforward scheme that you can claim as many times or as many years in a row as you want to, as long as you stay within your personal lifetime allowance.<\/p>\n<p>That being said, there are plenty of areas you\u2019ll need to read up on and truly understand before attempting to claim. That\u2019s why you should always <a href=\"https:\/\/www.gov.uk\/government\/organisations\/hm-revenue-customs\/contact\/capital-gains-tax-enquiries-for-individuals-employees-and-self-employed\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"external\">contact HMRC<\/a> with any and all questions you have about Capital Gains Tax, the Business Asset Disposal Relief scheme as well as claiming tax relief on the sale or disposal of any major business assets.<\/p>\n<p>Likewise, it is definitely worth consulting a professional accountant or tax advisor before proceeding with attempting to claim tax relief using the scheme, or for more information.<\/p>\n<p>Want to learn more about selling your business? Check out the <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/how-can-i-sell-my-business\/\" data-wpel-link=\"internal\">Quality Company Formations Blog<\/a>. There, you\u2019ll find information about business transfers, conducting due diligence, legal requirements, and more.<\/p>\n      <div class=\"shortcode shortcode-image\">\r\n        <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/fully-inclusive-package\/\" data-wpel-link=\"internal\">\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-quality.s3.eu-central-1.amazonaws.com\/assets\/custom\/images\/blog\/qcf-blog_sidebar.png?v=4\"\r\n            alt=\"Fully Inclusive Package\"\r\n            class=\"md:hidden\"\r\n            loading=\"lazy\"\r\n          \/>\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-quality.s3.eu-central-1.amazonaws.com\/assets\/custom\/images\/blog\/qcf-blog_banner.png?v=4\"\r\n            alt=\"Fully Inclusive Package\"\r\n            class=\"hidden md:block\"\r\n            loading=\"lazy\"\r\n          \/>\r\n        <\/a>\r\n      <\/div>\r\n    \n"},"excerpt":{"rendered":"<p>Change can be pretty costly for business owners. Whether it\u2019s deciding to sell your business, getting rid of major assets, or selling off shares in your limited company, chances are you\u2019ll need to think long and hard about how much you actually stand to gain or lose by shedding, selling, or gifting part of your [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":6089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1239],"tags":[],"class_list":["post-5752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-accounting-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the Business Asset Disposal Relief scheme, and is my business eligible?<\/title>\n<meta name=\"description\" content=\"Find out everything you need to know about 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