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Entrepreneurs’ relief conditions for personal companies

21 November 2018 / Kevin Slevin
Issue: 4673 / Categories: Comment & Analysis

Not so funny

KEY POINTS

  • Finance (No 3) Bill 2018 adds thousands of words to the entrepreneurs’ relief legislation.
  • New legislation will allow relief when an officer or employee might otherwise fail the ‘personal company’ requirement.
  • There are also new conditions to prevent abuse of the personal company rules.
  • The new capital gains tax legislation imports corporation tax loss relief rules.
  • Confusion may arise when comparing rules relating to accounting periods.
  • Funny shares have resulted in not-so amusing legislation.

On my computer I keep a single Word document which is intended to capture the entire legislation applicable to capital gains tax entrepreneurs’ relief. It may be old-fashioned but it’s a habit...

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