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Entrepreneurs’ tax relief faces the chop

20-01-2020


The Prime Minister has suggested that a tax break for entrepreneurs is likely to be axed in the Budget, saying the Treasury is against relief which allows business people to pay a 10% rate of capital gains tax when they sell qualifying assets, compared with the normal 20%. Boris Johnson, speaking to a group of women entrepreneurs in London, said the Treasury is “fulminating against” the tax break as some “staggeringly rich” people are using it to “make themselves even more staggeringly rich." Craig Beaumont, director of external affairs at the Federation of Small Businesses, warned that for many owners their business was their pension, asking: "What happens to all the people who have been waiting to access this relief for years?"

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