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Not so funny
KEY POINTS
- Finance (No 3) Bill 2018 adds thousands of words to the entrepreneurs’ relief legislation.
- New legislation will allow relief when an officer or employee might otherwise fail the ‘personal company’ requirement.
- There are also new conditions to prevent abuse of the personal company rules.
- The new capital gains tax legislation imports corporation tax loss relief rules.
- Confusion may arise when comparing rules relating to accounting periods.
- Funny shares have resulted in not-so amusing legislation.
On my computer I keep a single Word document which is intended to capture the entire legislation applicable to capital gains tax entrepreneurs’ relief. It may be old-fashioned but it’s a habit...
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