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Are your clients prepared for the new capital gains tax regime, asks JAN ELLIS
KEY POINTS
- Ascertain whether there is a pregnant gain on existing assets.
- Possible options for companies which cannot be sold yet.
- Dealing with employee management incentives.
- Interaction with inheritance tax.
- The likely beneficiaries of the new entrepreneurs' relief.
The new rules planned for capital gains tax were announced in October. The subsequent proposals for entrepreneurs' relief are still quite fresh and lack legislative detail at the time of writing.
As a result of the proposals many people are trying to sell the family company before the end of the tax year to access full taper relief but this article looks at those who didn't quite achieve Plan A.
In particular what are the options for people with taper assets which they hope to sell very soon but not by April; or...
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