Election to disapply

About this business activity

If you sell the property within two years, you'll have to pay capital gains tax. If you wait longer, you won't have to pay capital gains tax, but you will have to pay stamp duty land tax if you buy the property within two years.

Section 138A Election Letter (Business Asset Disposal Relief And Earn Outs)

This letter, which should be addressed by the taxpayer to HMRC, contains an irrevocable election to disapply the no-disposal provisions when an earn-out right is received in (part) consideration for shares and the seller wants to include the value of the earn-out claim in the amount on which the seller is claiming business asset disposal relief.

What to watch out for

  • The document should be addressed to HMRC
  • The election is irrevocable
  • The no
  • disposal provisions will be disapplied when an earn
  • out right is received in (part) consideration for shares
  • The value of the earn
  • out claim will be included in the amount on which the seller is claiming business asset disposal relief
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    Relevant Contract Types

    πŸ“ Tax election letter

    A tax election letter is a document that allows a taxpayer to elect how they would like to be taxed on a particular issue. This could include choosing to be taxed as an individual or an LLC, or electing to file as married filing jointly or separately.

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