Business News |
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What a relief!
Cumbria-based firm of accountants and business advisers, Lamont Pridmore, has expressed delight that the expected CGT rises won’t affect business owners on the gains made when selling their business.
Head of Corporate Finance at the firm, Chris Lamont, said: “The Liberal Democrat’s manifesto pledge to increase Capital Gains Tax in line with an individual’s Income Tax rate, didn’t mention any specific exemptions for business assets, which was a concern for many. The Entrepreneur’s Relief on the first £2m of gains for business assets was a very welcome policy introduced in the previous Labour government, after the then-Chancellor proposed to scrap taper relief. So I’m delighted that this, or a similar policy for business assets, is to remain in place in this new Coalition government.
“Businesses take time and effort to build, and the value of them is increased largely due to the determination, skill and wisdom of the business owner. The long-term growth of SMEs should be strongly encouraged to assist in the growth of the UK economy, and the reduction of unemployment.”
