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Anticipating the Budget
Entrepreneur’s Relief was highlighted within the Conservative manifesto as an area of taxation that will be “reviewed and reformed”. Alongside this, there is a consensus in the Treasury that the relief is no longer fit for purpose. As a result, an announcement is expected within the first post-election Budget on 11 March 2020 outlining the government’s new approach.
At the time of writing it is unclear how extensive the changes will be, and whether they will impact all business owners or be targeted at specific situations where the relief is not operating as intended. However, we hope the general approach taken by the government will be that genuine entrepreneurs will continue to benefit from any new regime.
What action should you take?
Any changes arising from the Government’s review could take effect immediately from 11 March 2020, with effect from the beginning of the 2020/21 tax year (i.e. 6 April 2020), or following a consultation period for the new legislation.
There is still time to review your options and look at the risks and rewards of crystallising gains or locking in Entrepreneurs Relief before 11 March. Therefore if you have any concerns about how potential changes to the relief might affect you, or you want to make sure that you are well positioned to take maximum advantage of any tax reliefs that exist now or in the future, please get in touch with your usual Buzzacott contact or fill in the form below and one of our experts will be in touch.
Maurice Von Bertele
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