The provisions contain opportunities and traps – not least the period for which the conditions must be satisfied. At £5 million of gains taxed at 10%, entrepreneurs’ relief is now more important than ever. The relief is, on the face of it, relatively straightforward, but advisers need to look carefully at the small print: what is a trading company, what shares qualify, what are the rules for trusts? Revisions to the recent Finance Acts have led to greater complexity and understanding the pitfalls is crucial in ensuring that taxpayers are able to maximise their ability to minimise their CGT exposure. Early and regular review of the conditions is essential as much of the planning will need to be carried out well ahead of a transaction. Plan early to avoid disappointment!