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Is it possible to claim rollover/gift relief and entrepreneurs’ relief (ER) on the same asset?
Example 1: Let’s say we disposed of an individual asset within 3 years of cessation of a business (so that it qualifies for ER), and we didn’t make a complete reinvestment of proceeds in a replacement asset (as a result, a chargeable gain arises). Does the chargeable gain qualify for ER?
Example 2: Let’s say we sold an asset at undervalue (within 3 years of cessation of trade), does the resulting gain qualify for ER?
I repeat my earlier comment that you are trying to find problems and are causing yourself confusion and doubt!
It will certainly be the case that where gift relief has only partly relieved a gain through a sale at undervalue that the remaining taxable part of the gain on a qualifying business asset will be eligible for ER.Thanks, sir. Can the same be done assets for which rollover relief is claimed?
I think you are right about confusing myself. It is just that going through the study texts and revision kit multiple times made F6 look easy and so I thought I might have gotten a false sense of confidence.
I thought if I can solve really difficult, unpredictable problems I might be able to boost my chances of passing this exam.
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