Entrepreneurs’ Relief: What you need to know
The ICAEW Tax Faculty has issued new practical guidance on Entrepreneurs’ Relief (ER) highlighting some of the issues small businesses face in reducing tax liabilities.
The document looks at some of the practical points Institute members have encountered, and contains a number of queries on the operation of ER that have been put to HMRC through the Capital Gains Tax Liaison Group.
The guidance also comes at the same time Tolley Guidance has issued a new document which goes through the conditions for ER, some basic computational aspects and an ER checklist.
For those seeking a refresher on the subject, this article highlights the key points and some of the issues that have raised concern among advisers over a tax relief that many claim was never thoroughly thought through when it was introduced.
What practical issues have you come up against with Entrepreneurs' Relief?
Further reading:
- Risk for advisers in Entrepreneurs’ Relief boom
- Don’t overlook Entrepreneurs' Relief
- Tolley Guidance: Entrepreneurs’ Relief support document and ER checklist
- ICAEW: Guidance on Entrepreneurs’ Relief – practical points
Continued...
The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.
Registration is FREE and allows you to view all content, ask questions, comment and much more.
Or if you are already registered, login here
Windows won't open .ashx files 1 thanks
I wanted to save the Guidance notes (http://www.icaew.com/en/technical/tax/tax-faculty/~/media/Files/Technica...) but Windows refuses to open anything with the file type .ashx. Just in case anyone else is in the same position here is a solution:
1. Open the link in your browser (I use Chrome but I think any browser should work the same)
2.Click on "Save As" and give the file an entirely new name
3. Add the suffix .pdf to the filename you have chosen
4. In the box which asks what file type, click "All files" (if it gives you the option to save as a pdf, choose that option)
This definitely works on my computer.
If I am stating the obvious I apologise.