Entrepreneurs Relief
March 26, 2020by Frontier Group
In the Chancellors debut budget which was delivered on March 11th, he advised of a change regarding claiming Entrepreneurs Relief. The change, seen as a major shake-up, which limits the tax break available to those selling their businesses. Under the revamp, business sellers will pay 10% tax on lifetime gains of up to £1m, compared with the previous upper limit of £10m.
Above £1m, business owners will be charged standard capital gains tax rates, which is 20% for higher rate taxpayers.