Kelly Noel-Smith quoted in Taxation on the changes to Entrepreneurs' Relief announced in the 2020 Budget
As part of the 2020 Budget, the Chancellor announced the decision to reduce the Lifetime Allowance for Entrepreneurs' Relief from £10 million to £1 million. The change comes into immediate effect as of 11 March.
Private Client partner, Kelly-Noel Smith, commented: "Entrepreneurs’ Relief is a very generous relief for comparatively few people and the Chancellor's reduction of the cap from £10 million to £1 million acknowledges this. For those whose gains will now fall outside the cap, it's of note that the capital gains tax rate is still half the higher rate of income tax, so the UK regime should still remain attractive to entrepreneurs".
Kelly's comments have been published in Taxation (which offers commentary, analysis and practical guidance from leading tax experts). The article, 'Budget 2020', provides an overview of the tax implications of the Budget and the implications for individuals and businesses.
The full article can be read here.