How the recent budget announcements may affect your business sale.
19 November 2024
In her budget, the chancellor increased capital gains tax rates considerably and with almost immediate effect.
What has slipped slightly under the radar is the increase in Business Asset Disposal Relief (BADR) which won't take effect until next April. This means that for the first £1m of any business sale or disposal the current BADR rate of 10% applies until April 2025, and thereafter will increase to 14% and again to 18% in April 2026.Whilst tax considerations alone should not drive your decision to sell your business, it is worth noting that even if you have something quite modest, selling at (say) £100,000, you will have an extra £4k to pay in tax next April. Now may be the time to contact me, Keith Green at Anderson Moore to discuss the sale of your SME business.
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