Entrepreneur’s Relief May Be Scrapped Saving UK Treasury €3.2 Billion in Tax

New Chancellor Rishi Sunak at No 10 Credit: No 10 flickr

NO mention has previously been made of scrapping entrepreneur’s relief which means that owners of small and medium sized business only pay 10 per cent rather than 20 per cent capital gains tax when they sell their business.

It was to encourage start-ups and this reduction applied to any company sold for less than £10 (€12) million but now as it has come to light that last year the Exchequer lost £2.7 (€3.2) billion from this option there are fears it will be removed in the next budget.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews