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New Forest

23/01/2020

Changes to Entrepreneurs’ Relief – Take advantage while you can

With the 2020 Budget looming, there are reports that Entrepreneurs’ Relief could be restricted or even scrapped all together, so businesses should start preparing now for potential changes.

Research by The Institute for Fiscal Studies has highlighted that the cost of providing the relief is £2.4b per annum, which has resulted in calls for it to be reviewed. Businesses have always been afforded some form of tax relief, so it would be surprising if Entrepreneurs’ Relief were to be scrapped entirely, however there are concerns that due to Conservative Party Manifesto pledges to not raise Income, NIC and VAT tax rates the additional funding also pledged will have to come from other reliefs available.

It is expected that these changes will be announced in the Budget on 11 March, so any business looking to benefit from the relief before then should consider completing any transactions before the budget announcement.

For further information on Entrepreneurs’ Relief, please contact Alan Rolfe on 023 8046 1235.

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Discretionary funding is available from local councils for businesses who meet a set list of criteria. There are a number of exclusions, and businesses can find out more via their local council websites http://ow.ly/D3co50BRbld

From the 1 January there will be new rates for customs duties and businesses will need to decide how they account for import VAT when making a customs declaration http://ow.ly/oZjR50BRb7E

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