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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

Partner
Leeds

Meet the team

Peter Greswold View Biography

Peter Greswold

Partner
Leeds

Marie-Louise Hamilton View Biography

Marie-Louise Hamilton

Partner
Leeds

Matthew Wrigley View Biography

Matthew Wrigley

Partner
Leeds

Elizabeth Pearson View Biography

Elizabeth Pearson

Solicitor
Leeds

Paul Colman View Biography

Paul Colman

Solicitor
Leeds

Thomas Wainman View Biography

Thomas Wainman

Solicitor
Leeds

Moving closer towards 21st century pensions trusteeship

The Pensions Regulator is proposing clarity on its powers to impose financial penalties on trustees. The outcome may mean an increase in fines.

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Professional Trustees - a chimera of the pensions world?

The Pensions Regulator consults on a definition of 'professional trustee' as we face an increasing drive towards '21st century trusteeship'.

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Charity trustees criticised for selling property too cheaply

Charity Commission finds ‘basic and serious mismanagement’ by the trustees in selling land for £15m less than it was worth.

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Charity Tax Group Regional Meeting

Date: 04 May 2017

Venue: Radisson Blu Hotel, The Light, Leeds

Speaker: CTG’s Chairman and Technical Adviser

Further information and booking

Through the Maze - June 2017

Date: 06 Jun 2017

Venue: DoubleTree by Hilton, Leeds

Speaker: Various

Further information

Employment Law Update for Charities 2017

Date: 15 Jun 2017

Venue: Hilton Leeds City

Speaker: Guest Speaker: David D'Souza, CIPD, Head of London

Further information and booking

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