I am a director/shareholder in a business (40%). For the purpose of this query, we will call the business Bloggs Ltd.
Bloggs Ltd is a regulated entity in the life assurance space.
We have an interested buyer. They do not want to buy the shareholding and limited company and instead want an asset sale - they will purchase our book of clients to integrate into their own business.
If the sale happens, we will cease operating Bloggs Ltd post sale as the book of clients will be gone and we will wind up the business.
In the above scenario, is it possible to get entrepeneurs relief of 10% on the cash I receive for the asset sale?
Bloggs Ltd is a regulated entity in the life assurance space.
We have an interested buyer. They do not want to buy the shareholding and limited company and instead want an asset sale - they will purchase our book of clients to integrate into their own business.
If the sale happens, we will cease operating Bloggs Ltd post sale as the book of clients will be gone and we will wind up the business.
In the above scenario, is it possible to get entrepeneurs relief of 10% on the cash I receive for the asset sale?