Getting to grips with entrepreneurs’ relief makeover

24 Dec 2018

Finance Bill 2018-19 heralds some important changes to the entrepreneurs’ relief legislation, including tighter rules to ensure that shareholders beneficially own at least 5% of the true economic rights in the company. Peter Rayney FCA CTA explains the potential tax pitfalls

We have all been used to dealing with the basic entrepreneurs’ relief (ER) rules since they were first introduced in 2008. During that time, the basic ER legislation has remained fairly stable. However, in the year of its 10th birthday, the Chancellor Philip Hammond has decided it was time for a fiscal makeover.

Finance Bill 2018-19, now due to be given Royal Assent in January 2019, introduces a number of very important changes to ER, some of which apply from the Budget 2018 date (29 October 2018) with the others coming into play from 6 April 2019.

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