Alistair Darling today issued a major concession to the forthcoming capital gains tax changes due to come into effect on 6th April.
A new 10% Entrepreneur's Relief is to introduced (similar to the old Retirement Relief), for business owners selling up and making gains of less than a million pounds. Under the CGT plans announced at the end of last year, the existing taper relief would have been replaced with an across-the-board flat 18%, meaning an effective 80% hike in tax rates for vendors. This will now be lowered to 10% for business sale gains of under one million pounds.
Small business owners should welcome these changes, as it certainly goes some way to reclaim the 'entrepreneur spirit' many outraged business pressure groups have said the government had damaged with the new proposals.
Nobody I have spoken to about this has yet managed to locate the fine print on the government website, so watch out for the devil in the details!
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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