Budget: Personal tax summary

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A breakdown of the key measures in today’s Budget report.

Capital gains tax - Entrepreneur's relief

HMRC Budget Note 27 (BN27) confirmed an increase in the lifetime limit on entrepreneur's relief from £1m to £2m with effect from 6 April 2010. Where individuals or trustees make qualifying gains above the previous £1m limit before 6 April 2010, no additional relief will be allowed for the excess above the old limit. But if they make further qualifying gains after 5 April 2010, they will be able to claim relief on up to a further £1 million of those additional gains, giving relief on accumulated qualifying gains up to the new limit of £2 million. The other rules for entrepreneurs’ relief are unchanged. Gains qualifying for...

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