09 February 2006
We have a client who has traded for many years as a children's nursery. It is a well-established and well-supported business.
The client, a sole trader, proposes to incorporate the business in exchange for shares. He has suggested that he 'sells' the goodwill to the company for a cash amount after the transfer. This is because he has large personal capital gains tax losses. His intention is to shelter the gain using the losses and the annual exemption, with the small balance being covered by the 75% taper relief.
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