Capital Gains Tax

The were no significant changes to Capital Gains Tax announced in the Summer Budget, but below are a reminder of the changes announced in March 2015.

There were two amendments to Entrepreneurs Relief (ER) which came into effect immediately from Budget day in March 2015.  The first was that an individual needs to have disposed 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 was closed which 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 only applies where the asset has been used in the seller’s own business.

The annual Capital Gains Tax exemption was increased from £11,000 to £11,100 for the 2015/16 tax year.

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Jan 23

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