The owners of Chelsea Yacht & Boat Company based at Cheyne Pier have lost an appeal over entrepreneurs’ relief for more than £880,000 each, but £360,000 penalty overturned
The appellant, Chelsea Yacht & Boat Company, claims to be ‘home to the oldest working boatyard in central London’. Located at Cheyne Pier, Chelsea, it offers a range of boat services and a large dry dock, and was incorporated in 1947.
Its primary activity is providing moorings, services and maintenance to boats as well as offering repairs and renovations.
Andrew Moffatt and Charlotte Moffatt appealed to the First Tier Tribunal (FTT) against HMRC’s refusal to pay a claim for entrepreneurs’ relief of £887,770.70 and £888,123.80 respectively for tax relief, on the disposal of their shareholding in Chelsea Yacht & Boat Company Limited.
Entrepreneurs’ relief was changed in March 2020, reducing the lifetime limit from £10m to £1m, and it is now known as business asset disposal relief (BADR).
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