Press Release Summary: Despite Chancellor Alistair Darling's recent u-turn on business Capital Gains Tax (January 24), new tax rules to be introduced in April may still leave business owners short changed if they want to sell assets or shares, according to Kent company commercial lawyer Susan Jennings.
Press Release Body: Despite Chancellor Alistair Darling's recent u-turn on business Capital Gains Tax (January 24), new tax rules to be introduced in April may still leave business owners short changed if they want to sell assets or shares, according to Kent company commercial lawyer Susan Jennings.
She says: "At the moment, the sale of shares can attracts Capital Gains Tax at 10% if held long enough, but this is set to rise to 18% from April 2008. The proposed 'entrepreneur's relief' will only benefit those making a lifetime gain of £1,000,000 or less to which a 10% rate will apply. The 18% rate will apply to sums in excess of this. As the relief appears limited to disposing of trading companies or shares in trading companies, it will not help everyone. Indexation allowance will also be lost which means potentially paying more tax when selling assets. To take advantage of the current regime, Kent business owners need to review the course of action that might be best for them in light of the impending changes.
"This needs to be done as soon as possible with advice from accountants and lawyers as the average sale can take a couple of months and the clock is ticking."
Business owners wanting more information can call Susan Jennings on 01634 887334 or email saj@furleypage.co.uk.
-ends-
January 2008
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