GOVERNMENT DRAMA ROLLS ON....
We had expected in this newsletter to be reporting on the Budget, having been given the 6th November as the day The Chancellor would deliver his speech back in mid-October. Now we have a general election and the Budget now looks like it will take place in early 2020, once a Government is elected.
The interesting thing about Budget day announcements is the number of commentators and lobby groups that circulate news stories, research etc. to hopefully influence the Treasury. Although the 6th November Budget was cancelled, prior to the cancellation announcement the lobbying and research started to circulate and one tax relief that always generally receives some attention is entrepreneurs’ relief (“ER”). ER reduces the amount of Capital Gains Tax payable when you dispose of an interest in a trading entity (sole trader, partnership or limited company), when certain conditions are met, resulting in a tax rate of 10%. Some may recall that the qualifying conditions were enhanced in the 2018 Budget.
