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The Chancellor announced a new relief 'entrepreneurs' relief' from capital gains tax for gains arising on the disposal of a business.
The relief will take effect from 6 April 2008 alongside the capital gains tax reform programme announced at the Pre-Budget Report.
It will be available in respect of gains made on the disposal of all or part of a business or on disposals of assets following the cessation of a business by certain individuals who were involved in running the business.
The first £1 million of gains that qualify for relief will be charged to capital gains tax at an effective rate of 10%. Gains in excess of £1 million will be charged at the normal 18% rate.
An individual will be able to make claims for relief on more than one occasion up to a lifetime total of £1 million of gains qualifying for relief.
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