Sajid Javid set to curb ‘entrepreneurs relief’ in Budget

[AtW]

This is the kind of dumb attitude that will get you exactly the government you deserve. The tories had already half way destroyed contracting before the last election and now they are finishing the job and your only crumb of comfort is to trot out made up stuff like 'Corbyn would have done xxx', when in reality, you actually have no idea what he'd have done. Seriously, could they have have done any more to contractors than the tories either have or are about to ?

Well, I have no reason to doubt Corbyn’s explicit manifesto tax promises - which included elimination of ER with CGT becoming income tax rate aligned, with 50% tax rate and corp tax going up with divi tax up also.

Why would not he done it? Promised tax increases would have been done for sure, that’s given and as much as I despise Boris and Tories they are a short stay of execution, but I am not looking forward to what happens in 5 years

[SeededLoaf]

If they adjust the ER discount then they might as well scrap it.

[AtW]

If the Govt was actually fair (hate that word since it's abuse so much), they'd grandfather anybody who made long term decision to keep shares and instead develop business, but knowing those ****rs they 200% won't do it, just like they did not do it when unlimited 10% Taper Relief was removed and ER was introduced as way to deal with it, did not see any Labour think tanks complaining about it during 15 years of Labour Govt!

[zerosum]

Well, I have no reason to doubt Corbyn’s explicit manifesto tax promises - which included elimination of ER with CGT becoming income tax rate aligned, with 50% tax rate and corp tax going up with divi tax up also.

It's a shibboleth anyway, he would never have gotten a majority. The likeliest alternative outcome was a coalition that would have restrained many of Corbyn's crazier plans.

[TestMangler]

It's a shibboleth anyway, he would never have gotten a majority. The likeliest alternative outcome was a coalition that would have restrained many of Corbyn's crazier plans.

Not worth the risk. Much better to put your faith in a serial liar, who can't count his own children and will say anything to appease the stupid. Out of ATW's list above, the only thing Boris won't do is put up the higher income tax rate. He will also do a million things he didn't bother mentioning in the manifesto. If you live off a trust fund or a hereditary title, you'll be fine, otherwise you're losing.

ATW, did you know Boris was an SEO denier ?

[bubble99]

hi all

I'm in a similar position to a lot of people - forced into umbrella and was going to do ER to close the company etc which we now have to await 11/3 to see whats happneing...

Anyway, I was wondering if others had heard of / had warnings about this process which has been suggested to me by a wealth manager (i'm an existing client). They buy my business during this month (although actual settlement in 1-2 months)..... essentially the sale proceeds I get would be equivalent to the retained cash (which is the only asset of the company) less a small fee they keep. The sale date is before this coming April 5 which they reckon means I could still claim ER in the 19/20 tax year. Benefit for them is they get the fee. Benefit for me in I can slip into the 19/20 tax year with my ER claim... and I get all the money now vs MVL which is perhaps 6months +

Thoughts? Is this a common practice?

[cojak]

No, it's not common practice, it hasn't needed to be with MVL.

How much is their fee?

[bubble99]

he said about 3k which i thought was entirely reasonable given MVL is similar.

[rambaugh]

hi all

I'm in a similar position to a lot of people - forced into umbrella and was going to do ER to close the company etc which we now have to await 11/3 to see whats happneing...

Anyway, I was wondering if others had heard of / had warnings about this process which has been suggested to me by a wealth manager (i'm an existing client). They buy my business during this month (although actual settlement in 1-2 months)..... essentially the sale proceeds I get would be equivalent to the retained cash (which is the only asset of the company) less a small fee they keep. The sale date is before this coming April 5 which they reckon means I could still claim ER in the 19/20 tax year. Benefit for them is they get the fee. Benefit for me in I can slip into the 19/20 tax year with my ER claim... and I get all the money now vs MVL which is perhaps 6months +

Thoughts? Is this a common practice?

I've read there is a process you can use that allows you to put a sale contract in place today but allows you to defer the actual sale date to future point in time (I beleive up to 6 months later). i understand with this that the date of the sale for tax purposes is the date when the sale contract was created. The caveat with this as I understand it is that you need to find a legitimate buyer who has a genuine interest in the business for reasons other than winding it up for tax benefit purposes.

[AtW]

Not worth the risk. Much better to put your faith in a serial liar, who can't count his own children and will say anything to appease the stupid. Out of ATW's list above, the only thing Boris won't do is put up the higher income tax rate. He will also do a million things he didn't bother mentioning in the manifesto. If you live off a trust fund or a hereditary title, you'll be fine, otherwise you're losing.

ATW, did you know Boris was an SEO denier ?

There is losing and there is losing a lot more - it’s small stay of execution, but that’s what you get with undemocratic first past the post system that ends you up with 2 parties that slowly converged.

Btw, my vote did not matter since I live in Labour territory