Changes to Entrepreneurs Relief
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.
Latest News
- Commercial risk - May 26, 2022
- Landlords switch to holiday lets - May 24, 2022
- Flexible planning - May 19, 2022
- New Bill protects consumers access to cash - May 17, 2022
- Saving for a rainy day - May 12, 2022
- Elastic or inelastic? - May 11, 2022
- Investing to increase profits - May 5, 2022
- Investing to increase profits - May 5, 2022