The Finance Bill 2016 includes some changes to the unwelcome restrictions to entrepreneurs’ relief introduced in FA 2015. These backdated changes will mean that many of those currently affected by the FA 2015 restrictions in relation to associated disposals, goodwill on incorporation and joint ventures, will no longer be affected. This will provide certainty for others when passing on family businesses or structuring JV arrangements. Sections redefining ‘trading company’ and ‘trading group’, in the context of JVCs, are prolonged and complex; and do not provide a complete reversal to the position that existed before 18 March 2015.
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