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HMRC's views on entrepreneurs' relief do not always coincide with those in the legislation, observes MARK MORTON
KEY POINTS
- Entrepreneurs' relief is based on the old retirement relief.
- The whole or part of a business must be disposed of to obtain relief.
- HMRC and the legislation do not agree on disposals of partnership assets.
- The individual may not have to retire for relief to be available.
Readers may remember that last October Chancellor of the Exchequer Alistair Darling announced the abolition of taper relief. Amid howls of protest from the business community the Chancellor (to paraphrase Blackadder) found himself: 'in the stickiest situation since Sticky the stick insect got stuck on a sticky bun'.
So to appease some of those who were losing out good old entrepreneurs' relief was hurriedly written.
There have been a number of conflicting views regarding the availability of entrepreneurs' relief in certain situations. HMRC have now...
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