Budget 2015 – Capital Gains

Capital Gains Tax

Two changes to Entrepreneurs Relief (ER) which come into immediate effect.  The first is that an individual will have to dispose of at least a 5% interest in a company or partnership if they are seeking to also claim ER on a sale of assets that are used by the company or partnership (the so-called “associated disposal” rule).  Secondly, a loophole has been closed which now prevents individuals who have less than a 5% interest in a company seeking to take advantage of the joint venture rules in order to be eligible for ER.

From 1 April 2015, the wasting assets exemption will only apply where the asset has been used in the seller’s own business.

The annual Capital Gains Tax exemption has increased from £11,000 to £11,100.

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Jan 24

No events today
Our accounts manager Peter Harrington and Fiona Griffiths (BACs) are both excellent to deal with.  Also the support you give us with sponsorship is very much appreciated.
-- Chris Lilley - Penrith RUFC Ltd