Hi Sheryl,

It depends upon whether you are selling shares or the business assets of the business. In most cases, Capital Gains tax is the most obvious tax associated with selling a business. This is a harsh tax, but there are reliefs available, such as from 6 April 2008, Entreprenuers relief is on the first £1 million of gains that qualify for relief will be charged to CGT at an effective rate of 10%. Gains in excess of £1 million will be charged at the new 18% rate. This replaced the rather clumsy system of buisness asset taper relief, whic reduced capital gains by as much as 75% if you held an business asset for up to two years.

The basic answer is brief and for a more insightful answer you could always contact me directly.