ER - not scrapped

[jamesbrown]

I wonder if the £1m limit introduced today, includes previous claims for ER.

For example a business owner who sold with say £300k funds in 2012 (or whenever) and claimed ER on this amount. Does that mean he only has £700k left to use when he liquidates his next business?

Or does the £1m lifetime limit begin afresh, from now?

Oh, I think so, yes. I don't think they are increasing the lifetime limit to 11m for those that had previously claimed 10m+.

[WordIsBond]

At the absolute bargain price we do them for there's no money in it for poor old me

You should apply for charity status and hire someone to hang out on the High Street with a bucket asking for spare coins.

[northernladuk]

Ask your accountant

I did. They've never heard of MVLO either.

And stop liking his post you turncoats!!

[heyya99]

I did. They've never heard of MVLO either.

And stop liking his post you turncoats!!

I did.

[ChimpMaster]

I suspect the clue is in the name. So, if you've already claimed past the £1m level, you can't get ER on any future claims.

I've not seen this confirmed anywhere though, but I'd be surprised if it was not this.

Oh, I think so, yes. I don't think they are increasing the lifetime limit to 11m for those that had previously claimed 10m+.

Yes I agree.

Another thought, if you have 2 shareholders then they each get £1m. So if it's a husband/wife business then the family get £2m lifetime allowance.

[jamesbrown]

Yes I agree.

Another thought, if you have 2 shareholders then they each get £1m. So if it's a husband/wife business then the family get £2m lifetime allowance.

Right, agree, it's claimed on your SATR.

[BABABlackSheep]

Have you had your first distribution yet?

Correct me if I'm wrong but if distribution 1 is made this tax year, and then distribution 2 is made post April 6th so new tax year, then you're up 1.2k because the 12k CGT allowance is utilised in 2 tax years?

First distribution not made yet. Thank you for the info.

[AtW]

Lucky escape for most, but next under attack will be actual rate of tax (as part of CGT “reform”)