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18 March 2020
Entrepreneurs’ relief on a disposal over time.
I was a sole practitioner until 1998 when I introduced two partners into the practice and arranged with them to acquire it over a period the length of this being dictated by commercial expediency. The assets of the practice comprised premises goodwill and work in progress with debtors. The sale and transfer of 99% of the goodwill (at a nominal sum) and the work in progress started at that time and has continued until now when I have a 15% interest in the working capital and 1% in the goodwill. Simultaneously I have reduced my involvement in terms of time participation and profit share. My partners did not want to acquire my 98% of the premises and in 2017 we sold the property on a lease back to my pension fund. I made a...
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