There were many rumours in the run up to the Budget that Capital gains tax entrepreneurs’ relief that allows certain business owners to pay just 10% tax on disposal would be abolished.
Rather than abolish the relief the Chancellor has announced that from 11 March 2020 onwards the relief will only be available against the first £1 million of lifetime gains instead of the previous £10 million limit.
The relief will therefore still benefit most small business owners.
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