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ARTICLE · 03 OCTOBER 2008

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Smith & Williamson
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It's not unusual for a partner or a director to own property used in a business. Under the old CGT rules, whether or not rent was paid was not material in ascertaining the tax payable on selling the property.

United KingdomStrategy

A twist on entrepreneurs' relief

It's not unusual for a partner or a director to own property used in a business. Under the old CGT rules, whether or not rent was paid was not material in ascertaining the tax payable on selling the property.

In April, taper relief was withdrawn and replaced by entrepreneurs' relief, which is much more restrictive. Its availability could be adversely affected if rent is paid on the property, so individuals in this situation should review the position as soon as possible.

Changes to EIS and VCT tax Incentives

The Finance Act 2008 introduced some changes to the VCT and EIS rules. They apply to EISs for shares issued and to VCTs for raised funds, on or after 6 April 2008.

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