Key points
- Entrepreneurs’ relief lifetime limit is reduced to £1m from 11 March 2020.
- Anti-forestalling measures will stop the use of the old limit of £10m.
- The measures do not apply to section 169Q elections made before 11 March.
- Transfers of assets made after 11 March under an unconditional contracts are caught by the anti-forestalling rule.
- It may be possible to equalise shareholdings between family members to use several £1m limits.
The whirlwind of speculation surrounding the abolition of capital gains tax entrepreneurs’ relief finally came to an end when Chancellor of the Exchequer Rishi Sunak announced he was reducing the lifetime limit on qualifying gains from £10m to £1m.
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