Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply.
Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m.
Business owners who are contemplating a sale of their business after the March date may need to rethink their disposal strategies as this change could potentially double the amount of CGT payable on their sale.
Please contact us for more information on this topic.
- Making use of under-utilised resources - August 5, 2021
- New reforms to protect consumers hard-earned cash - August 4, 2021
- Tax Diary August/September 2021 - August 3, 2021
- Tax-free property and trading income - August 3, 2021
- Sponsoring a charity - August 3, 2021
- Business entertaining and tax relief - August 3, 2021
- VAT – Second-hand cars – using the Margin Scheme - August 3, 2021
- The furlough cliff edge - July 29, 2021