The Conservative party has pledged to ‘review and reform entrepreneur’s relief’, which a number of commentators have interpreted as being likely to mean not so much ‘reform’ as ‘abolition’. Anyone looking to dispose of a valuable business interest imminently should seek legal advice as soon as possible. Conditions to qualify for the relief currently can be found here.
Not to be outdone, the Labour party has also promised to abolish entrepreneur’s relief, and indeed capital gains tax. Instead, they propose that gains over £1,000 would be taxed at a taxpayer’s marginal rate of income tax. Labour also proposes to remove the main residence nil rate band for inheritance tax, which was introduced in April 2017. Just when we were all getting used to it.
