The UK Budget took place on 29th October. The
Chancellor, Philip Hammond, took the opportunity to make a series
of targeted changes to the UK's tax system, some of which had
already been announced, but several of which were new and
surprising. We have summarized here of the most eye-catching
changes that will be of interest to our corporate and international
client base. Please contact any member of our UK tax group if you
have any queries about how this year's Budget will affect your
business.
Immediate restriction on eligibility for entrepreneurs'
relief
Entrepreneurs' relief (ER) is a longstanding relief which
allows, amongst others, certain manager shareholders in private
fund backed businesses to pay capital gains tax at 10% rather than
20% on up to £10 million of lifetime gains realised when they
sell their shares in the company that they manage. The most
significant change announced in the Budget that will affect private
fund-backed businesses was the
