​Possible changes to Entrepreneurs’ Relief (ER)?

​Possible changes to Entrepreneurs’ Relief (ER)?

Officials at the Treasury are said to be reviewing plans to remove or alter the tax break for entrepreneurs following an outcry from business owners.

The £2.4bn a year tax break allows business owners to pay a reduced rate of capital gains tax (10%) when selling their businesses.

Tax experts think the tax break is unlikely to be eliminated, but there could be reforms such as reducing the lifetime allowance to £1m.

The Federation of Small Businesses said “making big changes to the relief at this juncture would hit many small business owners who have been planning for their retirement with the relief in mind”.

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:

Steve Crompton
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
email: steve.crompton@jsllp.co.uk
 
Lucy Williams
Tax Partner
direct dial: 01942 292543
mobile: 07807 053494
email: lucy.williams@jsllp.co.uk

 

 

 

 

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