Weybridge-based firm of chartered accountants, TWP Accounting, has expressed delight that the expected CGT rises won’t affect business owners on the gains made when selling their business.
Philip Munk, Managing Partner at TWP, said: “The Liberal Democrat’s manifesto pledge to increase Capital Gains Tax in line with an individual’s Income Tax rate, didn’t mention any specific exemptions for business assets, which was a concern for many. The Entrepreneur’s Relief on the first £2m of gains for business assets was a very welcome policy introduced in the previous Labour government, after the then-Chancellor scrapped taper relief. So I’m delighted that this, or a similar policy for business assets, is to remain in place under this new Coalition government.
“Businesses take time and effort to build, and the value of them is increased largely due to the determination, skill and wisdom of the business owner. The long-term growth of SMEs should be strongly encouraged to assist in the growth of the UK economy, and the reduction of unemployment.”
For more information about TWP, please call 01932 704700.