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Making the most of entrepreneurs' relief

Anita Monteith and Paula Tallon present a round-up of useful points from the faculty’s recent webinar.

Entrepreneurs' relief (ER) has been a popular and useful tax relief for business since it was introduced in 2008. We recently presented a webinar on the subject which generated some interesting practical points.

One of the features of our webinars is the ability of delegates to ask questions. Some of these we can answer in the 10 minutes or so allowed at the end, but others we don't have time for.

We also ask for feedback afterwards, such as whether there is anything delegates would have liked more detail on. And gratifyingly, responses to the question, 'What is the most significant thing you heave learnt from the webinar' clearly show that listeners have picked up useful tips.

We have gathered together a selection from all these topics that we hope readers will find useful.

If you missed the ER webinar you can access the recording and slides here. (Free to faculty members).

What is a business?

ER is available for capital gains arising on qualifying business disposals, s169H, Taxation of Chargeable Gains Act 1992 (TCGA 1992), which includes a gift of a business. The term business is defined as a trade, profession or vocation that is conducted on a commercial basis and with a view to the realisation of profits (s169S(1), TCGA 1992).

This is an extract from an article in the April 2015 edition of TAXline, the magazine of the Tax Faculty.

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