It’d be easy to assume there are no winners in the “tax and axe” emergency budget.
You’d be wrong.
It’s a great budget for entrepreneurs.
Entrepreneurs’ Relief Lifted To £5 Million
If you sell a business, you only pay 10% on the first £5m of gains, as opposed to the previous £2m limit.
OK, it’s a “lifetime” allowance, so you’re only incentivised to build your first business in the UK before disappearing to sunnier climes. But it’s an improvement none the less.
And for those expecting a gain of over £5m, there was good news too. The rest of your windfall “only” gets taxed at 28% instead of the expected 40-50%.
Looking historically at CGT it’s gone up a LOT in recent years, so a good job of “managing expectations” by the spin doctors I think.
Exemption from NI
Corporation Tax
VAT
Continue Reading ...
You’d be wrong.
It’s a great budget for entrepreneurs.
Entrepreneurs’ Relief Lifted To £5 Million
If you sell a business, you only pay 10% on the first £5m of gains, as opposed to the previous £2m limit.
OK, it’s a “lifetime” allowance, so you’re only incentivised to build your first business in the UK before disappearing to sunnier climes. But it’s an improvement none the less.
And for those expecting a gain of over £5m, there was good news too. The rest of your windfall “only” gets taxed at 28% instead of the expected 40-50%.
Looking historically at CGT it’s gone up a LOT in recent years, so a good job of “managing expectations” by the spin doctors I think.
Exemption from NI
Corporation Tax
VAT
Continue Reading ...
