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03 May 2011
A sole trader carries on his business from a property that is owned jointly by himself and his wife. The wife’s share of any gain on sale will not qualify for entrepreneurs’ relief
I have just acquired a new client a married sole trader who operates a general retail store from trading premises which are occupied for the purpose of the trade but jointly owned by the trader and his wife.
Although his wife is employed in the business she is not and never has been a part-owner of the business.
The couple are now intending to sell the trade and – some time after disposal of the trade – plan to make a separate disposal of the premises from which the trade is operated.
Under the terms of TCGA 1992 s 169I(2)(b) and (4) there appears to be an extension to entrepreneurs’ relief where an asset used for the purpose of the trade is sold within three years of the disposal of the trade...
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