Field help: Have you closed the business and made a capital gain?

Select "yes" if you have closed your business and made a profit from the sale.

What is this about?

If you have closed your business and sold business assets in the process, capital gains may have been realised. These capital gains are reported in Form G, regardless of whether they are partially tax-free or fully taxable.

What is a capital gain?

When you close your business and realise more than the book value of the assets you sell – such as machinery, vehicles or property – this is called a capital gain. The book value is the value of these goods in the accounts at the time of sale.

Under certain conditions, you can also apply a tax-free allowance to this capital gain in order to reduce your tax burden. This tax-free allowance is aimed primarily at older business owners who close their business after many years.

When should you provide information here?

• When you have terminated your business operations.
• When you have made a profit from the sale of business assets.

Where do you get the information from?

You can find the amount of the capital gain in your sales documents or, if required, in the profit calculation that you prepared when you closed your business.

Note: If you have any questions, please contact a tax advisor for individual advice.