If you own your own business or are a major shareholder in it (owning more than 5% of the shares) or have shares in a qualifying share option plan such as an Enterprise Management Incentive scheme (EMI), then you may qualify for entrepreneur’s relief if you sell your business. This keeps CGT to a special rate of only 10% on the first £10m of any gains you make when you sell your business. This £10m limit is a lifetime allowance, so if you sell many businesses at different times during your life, once you exceed the £10m allowance you will pay CGT at the higher rate (28%).
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The Ethical Partnership Ltd provides financial advice and planning, in plain English, to people who want to ensure they make the right financial decisions at the right times and at the right cost. It's simple!