FURTHER CHANGES TO ENTREPRENEURS’ RELIEF?
Another tax relief that may be further restricted or even abolished is Capital Gains Tax (CGT) entrepreneurs’ relief. This relief allows business owners to pay just 10% CGT on the first £10 million of capital gains when they dispose of their business and was tightened up in the Autumn 2018 Budget.
When first introduced, the relief only applied to the first £2 million of gains but the limit has been increased twice since 2008 to the current lifetime limit so the relief may be limited again in the March Budget.
If you require any assistance or would like to discuss your tax affairs in more detail please contact our Tax Partners, Steve Crompton or Lucy Williams, on the details below: