10% tax on up to £1m of lifetime gains is a great tax break but you need to be careful – there are strict conditions and you can’t assume you’ll get Entrepreneur’s Relief.

The bad news

For example, if you’re selling shares then the company must be a trading company and you must have been an officer or employee with at least 5% of the votes.  If you’re selling a business, trade must have been carried out as a sole trader or via a partnership.  And if you’re a trust selling shares, relief beneficiaries must be involved with the business and hold at least 5% of the votes.  In all of the cases above there is a qualifying period of one year before the relief is available.

The good news

Even if you don’t qualify at the moment there is lot we may be able to do so call us and ask about your options.  We can give you a health-check on whether your current plans are tax-relief friendly and show you how to make sure you’ll get the relief (with even more than £1m available if your family is involved).

Call Susan Day on 01225 486 390