Entrepreneurs’ relief: definition of a ‘personal company’

Entrepreneurs Relief

Entrepreneurs’ relief reduces the amount of Capital Gains Tax paid on disposals of businesses, or shares in a personal company, by offering a reduced 10% tax rate on up to £10 million worth of lifetime gains.

The relief applies to individuals, whether operating as sole traders or in partnership, or through a corporate vehicle. It also applies where the business assets are held by the trustees of a settlement. Companies are not eligible for entrepreneurs’ relief.

Read about the above on Mr Hammad Baig’s blog:

Mr Baig is a Tax Barrister and practices from 33 Bedford Row Chambers.