More NewsBudget 2010: Advisers hail doubling of entrepreneurs’ relief

Budget 2010: Advisers hail doubling of entrepreneurs' relief

Entrepreneurs' relief from CGT doubled to £2m

Doubling the lifetime entrepreneurs’ relief rate to £2m has been welcomed as
encouraging people to do business.

The rate for relief from the 18% capital gains tax, to 10%, will increase
from 2010-2011. Over the next three years the increase in relief will cost the
government £170m.

Julian Dobbin, partner at Mercer & Hole, was pleased that rumours of a
removal of the relief were confounded.

“There was a worry that the chancellor would do something that stalled deals
– now there’s further incentive for them. It will drive deals going forward,”
said Dobbin.

Louise Somerset, tax director at RBC Wealth Management, said: “The doubling
to £2 million in the amount of capital gains that can benefit from
entrepreneur’s relief from CGT (taxed at 10% only) will be very welcome to the
business community, although the cynics might say that the benefits will be
limited in the current economic climate.will be very welcome to the business
community, although the cynics might say that the benefits will be limited in
the current economic climate.”

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