Accountancy firm Moore Stephens reports a 27% increase in the number of business owners that used entrepreneurs’ relief to reduce the tax they paid on the disposal of their businesses. Entrepreneurs’ relief was claimed by 43,000 people in 2013/14, up from 37,000 the previous year, representing a new record high in the number of claimants for the relief in a year.
Entrepreneurs’ relief reduces the amount of capital gains tax due on the sale of a business from 28% to 10% up to a lifetime limit of £10m. The total amount of tax saved by small business owners was £2.7bn in 2013/14; and this figure is expected to jump to £3bn in 2014/15.
Accountancy firm Moore Stephens reports a 27% increase in the number of business owners that used entrepreneurs’ relief to reduce the tax they paid on the disposal of their businesses. Entrepreneurs’ relief was claimed by 43,000 people in 2013/14, up from 37,000 the previous year, representing a new record high in the number of claimants for the relief in a year.
Entrepreneurs’ relief reduces the amount of capital gains tax due on the sale of a business from 28% to 10% up to a lifetime limit of £10m. The total amount of tax saved by small business owners was £2.7bn in 2013/14; and this figure is expected to jump to £3bn in 2014/15.
