The Autumn Statement and what it means for CGT
The chancellor’s Autumn Statement has been announced, and it has delivered some positive news regarding Capital Gains Tax (CGT) rates.
Shareholders will be aware that CGT is the tax payable on the gain from selling an asset or the sale of shares and the fact that these rates have remained unchanged from the current levels is both unexpected and extremely positive news for company owners who are considering a sale.
What rates would I pay?
The current rate is set at 20%, however, a discounted rate of just 10% on qualifying assets if you are eligible for Business Asset Disposal Relief.
If you are considering a full or partial sale of your business, then we encourage you to act sooner rather than later to allow you to take full advantage of the current tax rates. Given the recent disruption and instability within Westminster, we cannot rule out an increase in CGT rates or changes to Business Asset Disposal Relief in future government announcements.
Whether you are reaching retirement, have hit a plateau in the business, desire a change or you simply wish to realise maximum value for the many years spent building the company, contacting KBS for a free, confidential conversation is the first step in achieving an exit.
KBS Corporate is the UK’s number one adviser, selling more businesses in the UK than any other adviser. In 2021 alone, we advised over 330 business sales, and we are well on the way to matching that figure in 2022. We are witnessing strong demand from active buyers and investors across a range of sectors. We are keen to discuss this activity with any company owner wishing to sell their company. Get in touch with us now!