| Home > Tax News > Government > New tax relief for entrepreneurs |
| New tax relief for entrepreneurs |
 |
 |
|
In response to concerns from business representatives over the proposed capital gains tax changes due to take effect from April 2008, the government has announced a new capital gains tax relief for entrepreneurs. Entrepreneurs' relief will be targeted on the owners of small businesses, and will apply when they sell their business. The relief will also be available to all employees and company directors who invest a material stake in a qualifying company. It will take effect from 6 April 2008 alongside the rest of the capital gains tax reform package. The relief will deliver a 10 per cent tax rate for up to the first £1 million of lifetime capital gains. Individuals will be able to claim relief for gains made on multiple occasions up to a cumulative total of £1 million. Gains in excess of the £1 million lifetime limit will attract the standard 18 per cent rate of tax. This announcement follows major reform of the capital gains tax regime in the 2007 Pre-Budget Report which is designed to deliver a more sustainable, simplified and internationally competitive system. Link HM Treasury: New tax relief for entrepreneurs
|
|||
|
About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
|||
|
Article Added Thursday, 24 January 2008 | 1848 Hits |
|||
Tax Insider Lite
Each month our tax experts reveal FREE tax strategies to help minimise your taxes. Get Tax Insider Lite:
Tax Books
BOOK OF THE WEEK
Tax Planning 2012/13
BOOK OF THE MONTH
Dealing with HMRC Investigations 2012/13
PROUDLY SUPPORTING
