Autumn Budget 2018 -Entrepreneurs' relief: definition of a 'personal company'


Two new tests are to be added to the definition of a 'personal company' for entrepreneurs' relief. Both conditions, as well as the existing 'share capital' and 'voting rights' conditions must be met throughout the specified period in order for relief to be due. The new conditions require the individual to be beneficially entitled to at least:

* 5% of the company’s distributable profits
* 5% of its assets available for distribution to equity holders in a wind up.

The new tests will have effect for disposals on or after 29 October 2019.

Added By: Sue Taylor on 01st Nov 2018 - 13:31
Last Updated: 01st Nov 2018 - 20:16

Number of Views: 522
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