Although the result of the general election has resulted in much more stability within the tax field, there is still some uncertainty.
A major talking point in the run up to the election from all parties was the problem with Entrepreneur’s Relief. All parties seemed to agree that Entrepreneur’s Relief has been a somewhat overly generous relief and has been costing the UK economy a substantial amount. Labour were keen on scrapping the relief altogether, Liberal Democrats were looking to reform the relief and Conservative have previously shared this opinion.
It appears that Conservatives will be reforming Entrepreneurs Relief, possibly making this a less beneficial relief and therefore, less of a tax saving when selling business assets/shares.
As any change is likely to be brought in following 5th April 2020, if you are considering making a qualifying sale for ER in the near future, then please get in touch and we can arrange a meeting to discuss how to mitigate the liability with one of our specialist tax advisers, as soon as possible.