What you need to know about Entrepreneurs Relief

What you need to know about Entrepreneurs Relief

When choosing to be an entrepreneur as a career option or somehow wondering into it you will have a very interesting and often challenging career and you need every break you can get is potentially one of those breaks you just have to know about

The explaination

Entrepreneurs will or have to sell their start up due to many reasons and irrespective of what the reason may be entrepreneurs may gain benefits by selling their business at a reduced tax rate.

This benefit in the UK is called entrepreneurs’ relief and under this scheme entrepreneurs may sell or even give away their business and claim entrepreneurs’ relief for up to £10m the lifetime gains and be taxed at a reduced rate of 10% and is available to sole traders, partners,  company directors and employees who have 5% or more shareholding.

The formulation

The need of entrepreneurs’ relief was felt long before when many entrepreneurs started to feel the need to sell their business or give away their business. There are many entrepreneurs who wish to sell whole or a part of their company and gain maximum benefit from it.

The conditions

There are requirements that need to be taken care of to gain maximum benefit from entrepreneurs’ relief.

  • All requirements for entrepreneurs relief must be met for at least 24 months at all times
  • The current limit is £10m per person.

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