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HMRC will be reviewing 2020-21 tax returns for individuals who, according to its information, have exceeded their business asset disposal relief or entrepreneurs’ relief lifetime allowance of £1m. The gains reported in their 2020-21 returns might have taken those individuals over the limit, thus overclaiming the relief on part of the gain, or that limit may not have been available before 2020-21 due to their having exceeded the limit in an earlier year. These taxpayers will be asked to check their 2020-21 returns, make any amendments, and inform HMRC.
If the taxpayer does not respond, HMRC may look into the return and amend it.
