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Problems to avoid if you want to claim entrepreneurs’ relief
KEY POINTS
- The criteria for ensuring that a company is trading.
- Problems with property: how is it held and what is it used for?
- The definition of ordinary share capital and voting rights.
- Income tax advantages can result in increased capital gains tax.
- Ensure that claims are made within time limits.
Capital gains tax entrepreneurs’ relief has been with us since 2008 and practitioners will by now be aware of its main features most of which will need to be satisfied in a 12-month run-up to a disposal.
Gains of £10m in an individual’s lifetime can qualify for the 10% rate of capital gains tax rather than the normal 28% so the stakes are high with up to £1.8m of tax (£10m gains at the differential of...
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