Move raises lifetime cap to £10m
Chancellor of the Exchequer George Osborne has doubled the lifetime limit for entrepreneur’s tax relief to £10 million.
The doubling of the relief, under which eligible capital gains from the disposal of businesses are taxed at a 10% rate, will be effective from 6th April. It means that those who sell businesses they have set up will pay the reduced 10% rate of capital gains tax on the first £10m of gains during their lifetime.
The Treasury’s Budget document says the move is designed to encourage entrepreneurs who want to expand their businesses by reinvesting gains, thus helping to make the UK a more attractive location for entrepreneurs.
It also says that the annual exempt amount for CGT will increase in line with statutory indexation to £10,600, again with effect from 6th April.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet