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A retrospective for SMEs

Speed read
Ameliorating the effects of the ‘loan charge’ and deferring the expansion of the ‘off-payroll working’ rules were welcome; and changes made by the March Budget were generally benevolent. Nor did anything especially depressing for SMEs or their advisers come out of the year’s crop of tax cases. But with the Budget having reduced the business asset disposal relief lifetime limit to £1m and the OTS proposing both to (effectively) replace the relief with a form of retirement relief and to tax ‘money-boxing’ more heavily, the landscape for CGT looks very different from the way it did in December 2019.
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