Taxation magazine queries ― selling the business

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Overview

The following guidance note provides details of queries raised on selling a business in the last few years in the Readers’ Forum section in Taxation magazine with a link to the full replies. It should be noted that the response to the queries is at a point in time and all relevant legislation should be confirmed as being currently applicable.

Business asset disposal relief and associated disposal of the premises

Details of the query as copied from Taxation magazine

I am trying to get my head around the associated disposal rules for business asset disposal relief (BADR).

My clients, Tom and Jerry (not their real names), were in partnership for many years in an architects' practice. They had a 50-50 interest in the partnership but the business operated from freehold premises which were owned personally by Tom and for which the partnership paid rent.

The practice was sold 18 months ago but Tom continued to own the premises and the new owners of the business paid him rent for the use. The new owners

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