AdviceRequired

Thank you for your kind reply Admin 5. I agree it would be a unusual transaction in so far as no legislation that I can find is either in support of what I have been advised from my accountants or against it. I have gone over the Capital Gains Manual before (and will do so again now) but could still find no information as to how the sale of specific chemistry formulations on digital format, and where the ownership of said formulations that I have, then transfers to the buyer upon receipt of any payment is governed or taxed. It seem only logical that for taxation purposes this should be treated as a capital gains matter as these are intellectual properties that I possess which would then be sold in their entirety to a new owner. I understand it would be a different matter if I was leasing or making continous income or gains going forward from these but this would simply not be the case. They would be one off transactions. Thank you for your input Admin 5. Please, if you discover going forward anything additional, either from colleagues or legislation which may help please re open this thread. Highly appreciated and thank you.

Advice still required Please.

I have a rather unusual question in relation to the sale of a digital personal asset or I.P (I am not sure which) which I own to a international company in India. I have worked for 25 + years in the oil & gas chemical industry and own chemical formulations which this company is intersted in buying off of me. Up until this point I assumed these chemical formulations had no value unto anyone except myself and was surprised anybody would take an interest in wishing to purchase them. I have spoken with a accountant regarding this and been advised that such a sale, and any proceeds would very likely be reported and filed under the category of capital gains tax as the assets being sold would be classed as an intangible asset in a digital form owned by me with the rights and ownership of the formulations then transferring to the buyer upon completion, and as such the sale should not classify as earned or miscellaneous income but instead classed as capital falling under Capital Gains taxation rules. The accountant advised me to seek specialist advice from HMRC before proceeding. I seek clarification because for the past 3 years I have had to give up work and become a full time carer for my ill and elderly mother. As such I am currently claiming Universal credit and Carers Allowance and do not want to proceed with any sale without knowing how the proceeds of the sale affect these entitlements and do not wish to find myself in trouble down the line so to speak. This issue is very unusual as I could find no information on line in relation to a sale of this particular nature and seek some guidance from HMRC. Any help would be greatfuly received,