Entrepreneurs Relief

I have recently had a Local Compliance Capital Gains Tax check on one of my clients.

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Lesley Stalker outlines how the increase in CGT and extension of entrepreneur’s relief are likely to affect small and medium sized business owners and highlights the tax planning opportunities

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Client Mr B owns 100% of share capital in Company XYZ LTD. Company is being dissolved and the £100,000 reserves are being distributed as a Capital Distribution.

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Mr B is selling the whole share capital of his family trading company to Mr C, and in principle qualifies for the effective CGT rate of 10%.

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An individual has 2010-11 income of £30K, and gains arising in the year after budget day, net of any annual exemption and brought forward losses, in the following amounts:

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My client (ltd company) are selling goodwill only - their purchaser will walk away rather than buy the company's shares. Company has no other assets.

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We have a limited company which provides management consultancy services.  Over the last few years we have aggregated a large amount of cash in the business. 

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Critical decisions need to be taken on tax policy by the new coalition government – and there’s no time to waste, warn accountancy professionals.

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Consider a trading company though which an individual (the shareholder in the company) has provided his personal services for a number of years.

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