From my reading of CGT Entrepreneurs Relief under TCA 1997 s 597AA, a sole trader must have owned the chargeable business assets for 3 out of the 5 years prior to the disposal.
Furthermore, they must be disposing of chargeable business assets which were used for the purposes of a qualifying business carried on by an individual. But there doesn’t seem to be a requirement for the business to be carried on at the date of disposal.
Thus, it would appear that the relief would apply to a business that has ceased for 2 years, but was carried on for 10 years prior to that. Does this seem correct or am I missing something? Many thanks
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