Tuesday July 7, 2020

Taxes and wasting assets

I am a furniture restorer and sole trader. Three years ago I bought an old factory for €1 million, which was full of obsolete stock. QUESTION:

23rd July, 2005

I am a furniture restorer and sole trader. Three years ago I bought an old factory for €1 million, which was full of obsolete stock. QUESTION:

I thought it was going to cost €100,000 to clear this stock, but it turned out that I have found a company in Asia willing to buy it from me for €250,000. Is this money taxable as a capital gain or under income tax?

Under capital gains tax rules...

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