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thepartners@wrigleys.co.uk

Leeds: 0113 244 6100

Sheffield: 0114 267 5588

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Entrepreneurs' relief can be claimed by individuals in respect of certain business disposals.

These can include disposals of:

  • The whole or part of a business.
  • Business assets when the business ceases.
  • Shares in a trading company when the individual is an employee of the company and holds a certain shareholding.
  • Assets used by a partnership or company.

In certain circumstances, entrepreneurs' relief can be available to the trustees of a family settlement, provided that the trustees meet certain requirements and there is a beneficiary with a sufficient interest in the settlement.

If the conditions for entrepreneurs' relief are met, there can be a very significant saving of capital gains tax on a business disposal. However, this will not avoid a capital gains tax charge altogether. In some situations it may be more appropriate to defer a capital gains tax charge by handing on business assets and claiming holdover relief, so that any gains can be crystallised at a later stage, or uplifted on a death without a capital gains tax charge. Equally, it may be advantageous to crystallise some gains (and claim entrepreneurs' relief in doing so) and roll others into the purchase of replacement business assets. Whatever the situation, we can advise on the most tax-efficient way of securing a sale or handover of a business.

Inter-relationship with other taxes

Entrepreneurs' relief is often considered in tandem with other reliefs such as business property relief from inheritance tax. Meeting the requirements for the relief can often be far from straightforward, and it is therefore important to take appropriate advice at an early stage.

Entrepreneurs' Relief

Peter Greswold View Biography

Peter Greswold

Consultant
Leeds

Meet the team

Peter Greswold View Biography

Peter Greswold

Consultant
Leeds

Marie-Louise Hamilton View Biography

Marie-Louise Hamilton

Partner
Leeds

Elizabeth Pearson View Biography

Elizabeth Pearson

Solicitor
Leeds

Paul Colman View Biography

Paul Colman

Solicitor
Leeds

Thomas Wainman View Biography

Thomas Wainman

Partner
Leeds

The June Yorkshire Family Business Bulletin

This month, Thomas Wainman considers 'employee ownership' as an option for family businesses plus the usual mix of news, insights and perspectives.

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HMRC's Trust Registration Service – ACTION REQUIRED

In June 2017, HMRC Trust Registration Service is due to be launched and will require all trusts with potential UK tax liabilities to be registered.

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Beware of finance leases dressed up as operating leases

A reminder of when academies need ESFA consent.

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Schools Breakfast Club

Date: 11 Jul 2017

Venue: Wrigleys Solicitors, 19 Cookridge Street, Leeds, LS2 3AG

Speaker: Lisa Armstrong, Chartered Educational Psychologist at Evolution Psychology Ltd

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Breakfast Briefing

Date: 01 Aug 2017

Venue: Radisson Blu, Leeds

Speaker: Dr John McMullen, Partner at Wrigleys Solicitors

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Breakfast Briefing - 17th October 2017

Date: 17 Oct 2017

Venue: Radisson Blu, Leeds

Speaker: Dr John McMullen, Partner at Wrigleys Solicitors

Further information

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