I have very limited understanding of CGT liabilities and getting conflicting information on Google so would be grateful if someone here could advise.
Father selling his business (guest house) and the net gain is 465k. Google tells me that entrepreneur relief and retirement relief can both apply to the disposal of the same asset. But the accountant says only entrepreneur relief can apply based on proceeds limit for retirement relief is 500k. The accountant has given a ballpark CGT liability of 72k. Does this sound correct?
He is 76 and hasn't sold yet but expects approx 950k and bought it for approx 237k about 25 years ago. Commercial use is approx 70per and 30pc personal use.
Thanks for that, just wondered why retirement relief can't be applied also to reduce liability further, but like I said I find it hard to fully understand it! He always lived in house but we had a family home also for a long time so it wasn't always the ppr.