Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply.
Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m.
Business owners who are contemplating a sale of their business after the March date may need to rethink their disposal strategies as this change could potentially double the amount of CGT payable on their sale.
Please contact us for more information on this topic.
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Since the 11 March Budget, there have been at least two mini budgets and a host of other updates that may affect your business or personal financial situation. We strive to keep our newsletter information up-to-date but recent changes may not have appeared in this website.
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