You can claim entrepreneurs' relief if:
- you are a sole trader or partner selling part or all of your business or its assets, or
- you control at least 5% of a company the shares or assets of which you are selling
- you sell assets from the above businesses within three years of closing down.
The relief effectively reduces the capital gains tax rate to 10% on the first £10m of gains you make over your lifetime from selling such assets.
Any gains above this are taxed at 20%. The relief applies if you run a trading business or furnished holiday letting, but not any other property-letting business.