In 2005 I retired from my architectural practice and sold my share of the business to the remaining partners. I invested the proceeds in Enterprise Investment Scheme shares (EIS), which I am about to sell, so I understand the gain from 2005 will now be taxed. Are there any reliefs I can claim to reduce that gain?
If the gain you made on selling your share in the architectural practice in 2005 would have qualified for entrepreneur’s relief, which is possible if you were a partner for at least a year, you can claim entrepreneurs’ relief on that 2005 gain when becomes taxable in 2009. Entrepreneur’s relief actually came into effect from 6 April 2008, but we pretend it was in place in 2005 for this test.
