Craig Simpson, Tax Partner at Bates Weston, looks at the changes announced to Entrepreneurs’ Relief in the Budget and the anti-forestalling measures introduced to counteract attempts to bank the £10m lifetime limit before the change. The article is necessarily...
We summarise the main points from the Budget 2020 and our tax team highlight the key points for business owners. Understandably Rishi Sunak began his Budget speech with the actions the Government is taking to keep the country healthy and financially secure during the...
What will the Budget 2020 have in store for business owners? We will be paying close attention to the Budget. Predictions include highest capital spending on infrastructure in decades – £600bn; a cut to SDLT to boost housing market; changes to business rates to...
The Conservative manifesto included a pledge to review and reform Entrepreneurs’ Relief (page 34). This relief incentivises entrepreneurs to build their businesses as it allows them to pay a reduced capital gains tax of 10% on sale rather than the full rate of 20%....
What will happen to Entrepreneurs’ Relief post Election? There has been plenty of media coverage of the spending and revenue raising plans contained in the main parties manifestos. Our tax team have been considering whether there are steps that can be taken to...
In the recent tax First Tier Tribunal (FTT) Potter case, it was ruled that the company activities were the key when determining whether it was a trading company for Entrepreneurs’ Relief, even when the majority of income and assets were derived from investment bonds....
