if i sell my business for 100,000 profit can i have the money put directly into annuities so we only pay tax?
Posted by MarkAug 13
sorry i didnt see i was limited to characters. my understanding on annuities is that you only pay tax on the money you take out of the account . would it still be labled capital gains and still be subject to tax any way?
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What do you mean "so we only pay tax"?
Please explain in detail what you propose.
If complex, see my profile for further advice.
No. The profit on the sale of your business will be subject to capital gains tax. If you then invest what is left in annuities it is correct that you only pay income tax on what you take out, but there is no way of short-circuiting this process to avoid the capital gains tax charge.