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Example 1
Example 2
Example 3
Example 4

Example 1

K ran a confectioner/tobacconist business for several years. He then sold it and made a gain of 拢38,000 (鈥渞elevant gains鈥�) on the goodwill, but a loss of 拢8,000 (鈥渞elevant losses鈥�) on the premises. Assuming he qualified for the relief this is applied to the net gains of 拢30,000.

If the disposal took place before 23 June 2010 the 拢30,000 would be reduced by 4/9th to 拢16666. This will be the 鈥渃hargeable gain鈥� and is subject to reduction by other allowable losses and the AEA.

If the disposal took place on or after 23 June 2010 the 拢30,000 would be the 鈥渃hargeable gain鈥� and, subject to reduction by other allowable losses and the AEA, would be charged to CGT at 10%.

The loss of 拢8,000 on the premises is not otherwise allowable.

Example 2

D ran a pharmacy for over 20 years until March 2011. He sold the whole business as a going concern on 31 March 2011 realising a gain 拢5,250,000.

D had not previously claimed the relief. The gain qualifies for relief as a disposal of whole or part of a business - see CG64015 - and he makes a claim within the relevant time limit.

As the disposal was after 23 June 2010 but before 5 April 2011 D has the maximum relief of 拢5,000,000 qualifying gains available, so he is entitled to the whole of his lifetime limit and will have that amount of his gain charged at a rate of 10%. The balance of the gain of 拢250,000 will be charged at D鈥檚 relevant rate of CGT. Assuming that D had no other gains or allowable losses during the year the calculation will be as follows:

-	Amount	Amount	Amount
Total qualifying gain	拢5,250,000	-	-
Applicable lifetime limit	拢5,000,000	-	-
Balance of gain above limit	-	拢250,000	-
Less Annual Exempt Amount 2010-11	-	拢10,100	-
Gains chargeable at 10%	拢5,000,000	-	拢500,000
(TCGA1992/S169N(3)	-	-	-
Gain chargeable at applicable CGT rate	-	拢239,900	拢67,172
(assume 28%)	-	-	-
CGT due	-	-	拢567,172

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Example 3

E ran a landscaping business which she sold in October 2008 realising a gain of 拢900,000 all of which qualified for the relief (when the lifetime limit was 拢1m). In 2009 she started another business as a travel agent which she sold in February 2011 (lifetime limit now 拢5m) realising a gain of 拢4,500,000. E makes a second claim for relief on this second gain. It qualifies for relief but only 拢4,100,000 of the gains will be eligible for relief as this uses up the remaining amount of her lifetime limit (拢5,000,000 - 拢900,000).

-	Amount	-
Gain 1 2008/9 qualifying gain	拢900,000	-
Lifetime limit of	拢1,000,000	-
Less reduction of 4/9th	拢400,000	-
Chargeable gain 1	拢500,000	Charged at 18% rate
Lifetime limit remaining	拢100,000	-
Increase in lifetime limit from 拢1m to	-	-
拢5m from 23 June 2010	拢5,000,000	-
Available lifetime limit	拢4,100,000	-
Chargeable Gain 2 - 2011/12	-	-
Qualifying gain	拢4,500,000	-
Gains reduced by available	-	-
Lifetime limit relief	拢4,100,000	Charged at 10% rate*
Balance of gain 2	拢400,000	Charged at full CGT rate*
Lifetime limit remaining to carry	-	-
Forward to subsequent disposals until 5 April 2011:	拢0	-
Lifetime limit remaining to carry forward to subsequent disposals from 6 April 2011 to 10 March 2020:	拢5,000,000	Lifetime limit increased to 拢10 million
Lifetime limit remaining to carry forward to subsequent disposals from 10 March 2020:	拢0	Lifetime limit reduced to 拢1 million

*Subject to any available allowable losses and AEA.

Example 4

F operated a smallholding and also operated a fruit and vegetable shop. He sold the smallholding in January 2009 realising net gains of 拢1,250,000 in 2008/9 and claimed the relief. This was due up to the lifetime limit that applied at that time of 拢1m.

F then disposed of the shop in May 2010 (lifetime limit now 拢2m) realising net gains of 拢800,000 and made a second claim for relief. This second gain all qualifies for relief as a result of the increase in the lifetime limit from 拢1m to 拢2m. Although only 拢800,000 of this increase has been used the balance remaining cannot be set back against the unrelieved gains on the earlier disposal, it can only be carried forward.

-	Amount	Amount	Amount
Gain 1 2008/9 qualifying gain	拢1,250,000	-	-
Lifetime limit	拢1,000,000	-	-
Less reduction of 4/9th	-	拢444,445	拢555,555
Unrelieved part of gain 1	拢250,000	-	拢250,000
Chargeable gain 1	-	-	拢805,000*
Lifetime limit remaining	拢0	-	-
Increase in lifetime limit from 拢1m to	-	-	-
拢2m between 6 April and 22 June 2010	拢1,000,000	-	-
Gain 2 2010/11 qualifying gain	拢800,000	-	-
Gains reduced by available	-	-	-
Entrepreneurs鈥� relief	拢1,000,000	-	-
Less reduction of 4/9th	-	拢355,556	拢444,444
Unrelieved part of gain 2	-	-	拢0
Chargeable gain 2	-	-	拢444,444*
Lifetime limit remaining to carry forward	-	-	-
to subsequent disposals	拢200,000	-	-
Lifetime limit remaining to carry forward to subsequent disposals from 22 June 2010 to 5 April 2011:	听拢3,200,000	-	聽Lifetime limit increased to 拢5 million
Lifetime limit remaining to carry forward to subsequent disposals from 6 April 2011 to 10 March 2020:	听拢8,200,000	-	聽Lifetime limit increased to 拢10 million
聽Lifetime limit remaining to carry forward to subsequent disposals from 11 March 2020:	听拢0	-	聽Lifetime limit reduced to 拢1 million

*subject to any available allowable losses and AEA.