|
New relief provides for capital gains tax at 10% on lifetime gains for the sales of part of business |
|
|
|
New relief provides for capital gains tax at 10% on lifetime gains for the sales of part of businesses. Gains beyond that figure will be charged at the new CGT rate of 18% announced in the autumn.
The relief is not as clear cut as it may seem on the basis of current government press releases. Whilst draft legislation has been published this does not yet include the new entrepreneurs relief, however all the press releases so far refer to relief on the disposal of businesses rather than assets. This is reminiscent of retirement relief which was generally only available as part of at least a partial cessation of business.
Guy Welfare, partner and commercial expert at Bruton Knowles explains “Above all else businesses were looking for clarity from the chancellor and whilst the new relief will be welcome for some it is important we see the draft legislation as soon as possible so that business owners can properly plan the future”.
For more information contact Guy Welfare on 01452 880149 or via email at
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
|
