Good News Budget

The Government has raised the rate of Capital Gains Tax for lifetime gains qualifying for entrepreneurs’ relief from £2million to £5million in the Budget.

This is good news for business owners looking to sell their business as subject to certain criteria, you will only paid 10% capital gains tax (CGT) on the proceeds of your business sale, this means a CGT bill of £489,900 on a £5million sale.

This makes 2010 a great year to sell your business.