You may or may not be aware of the proposed changes to the capital gains tax (CGT) law which will more than likely affect Care Home Proprietors. This new proposed tax liability is due to come into force in April 2008 and in summary it is believed that a new fixed rate of 18% will replace the existing taper relief system of 10%, applicable if selling after 2 years of Ownership.

Based on this, we would advise that anyone considering selling their business next year should do so sooner rather than later. In our experience, any proposed sale can take up to 3 to 4 months to conclude with a buyer having to book a survey, organise their financial arrangements and ultimately submit the CSCI registration application. This would be in addition to the legal matters as far as solicitors are concerned.   

However, we would advise that this should only be considered by individuals who were already thinking of selling, perhaps an overdue retirement sale, with any quicker decision likely to have a significant financial advantage for the seller.  

Being specialist business transfer agents to the Caring profession, Chantview would be delighted to offer any assistance or guidance in this respect, as well as general advise on current market conditions, values and what we believe is the key to a confidential and discreet sale.