Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply.

Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m.

Business owners who are contemplating a sale of their business after the March date may need to rethink their disposal strategies as this change could potentially double the amount of CGT payable on their sale.

Please contact us for more information on this topic.


Paul Johnston

I'm Paul Johnston, owner of Bourne Accountancy, based in Caterham Surrey, offering a broad range of accountancy and specialist tax services to businesses and personal clients. My philosophy is always to do my utmost to provide friendly, courteous and efficient service.

%d bloggers like this: