For many owner-managed businesses, assets held by a company are the owner’s main asset and the product of years of work. Any change to capital gains tax (CGT) or business asset disposal relief (BADR), previously known as entrepreneurs’ relief, could therefore have a direct impact on retirement, succession and exit plans.

As we approach another Budget on 28 October, the government is facing a challenging fiscal backdrop, with limited headroom against its fiscal rules. With commitments not to increase income tax, National Insurance and VAT, attention has inevitably turned to other taxes.