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The tax system needs to do more to help UK business achieve its potential. That is the verdict of an Office of Tax Simplification (OTS) report into the way tax impacts business owners at key stages in the lifecycle of their business.
The OTS focuses on some of the many issues faced by owner managed businesses, such as the capital gains tax rollover regime. This enables an unincorporated business to be transferred to a company in exchange for shares issued to the business owners, without chargeable capital gains arising at that time. It also looks at the practicalities of the Seed Enterprise Investment Scheme, designed to help companies raise funds when commencing trade. Business Property Relief and Agricultural Property Relief, which give up to 100% relief from inheritance tax on business/agricultural assets passed on during the owner’s lifetime or on death, are also considered.
Concluding that the ‘complex patchwork of tax charges and reliefs’ needs ‘overhaul to reduce complexity and make reliefs more accessible,’ the report nevertheless draws attention to the wide range of reliefs that exist for business. Please contact us if you would like advice to maximise the benefits of tax relief to help your business grow.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
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