Hi,
I hope someone can give me definite clear advise about this query please.
I am a sole trader and thinking of retiring.
Can I sell my business to my spouse ? (not a partnership) or will it be a case that we are seen as one entity?
I know revenue have details where the business is taken over by/or sold to a child, but no mention of spouse?
There is no advice advice online about this.
If I cant sell the business to my spouse, can I give/transfer the business to my spouse for free?
Are there any drawbacks to this?, will I be liable for CGT on the sale or free transfer ?
Thank you.
Johnny
I hope someone can give me definite clear advise about this query please.
I am a sole trader and thinking of retiring.
Can I sell my business to my spouse ? (not a partnership) or will it be a case that we are seen as one entity?
I know revenue have details where the business is taken over by/or sold to a child, but no mention of spouse?
There is no advice advice online about this.
If I cant sell the business to my spouse, can I give/transfer the business to my spouse for free?
Are there any drawbacks to this?, will I be liable for CGT on the sale or free transfer ?
Thank you.
Johnny