Reply to: Sajid Javid set to curb ‘entrepreneurs relief’ in Budget

[adubya]

ER remains but with a £1million cap.

[MrContractor85]

Do you know who you've donated to and what exactly will be done with your money? What accountability do they have?

Apparently it was to publicise it more but to be honest who knows what that actually means and how it manifests itself but it was £6 so I'm not that precious about it

[ladymuck]

Petition . Stop Abolition of Entrepreneurs''' Relief . Change.org

Debatable what good these petitions actually do but I've signed and also donated

Do you know who you've donated to and what exactly will be done with your money? What accountability do they have?

[ahspooner]

agree with this completely. It might have been a different story if the election was next month, but we're stuck with what we've got, however they turn out to be, for a few years yet

It’s long past it was debatable - they don’t do tulip even if you get millions to sign up

[AtW]

Petition . Stop Abolition of Entrepreneurs''' Relief . Change.org

Debatable what good these petitions actually do but I've signed and also donated

It’s long past it was debatable - they don’t do tulip even if you get millions to sign up

[MrContractor85]

Petition . Stop Abolition of Entrepreneurs''' Relief . Change.org

Debatable what good these petitions actually do but I've signed and also donated

[eek]

It's a pity there's no party that is actually economically sensible.

1) Voters aren't economically literate
2) Even I don't know what is economically sane in the modern world with zombie companies surviving for years past their expiry date.

[WordIsBond]

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.

The Greens and SNP were the most likely coalition partners (or at least to have confidence-and-supply agreements with Labour).

They would both have agreed to eliminating ER, aligning CGT with income tax, 50% additional tax rate, lower threshold for the additional tax rate, and higher corp and div tax. The SNP is aching to push up taxes in Scotland far more than they have if they could do it without an exodus to England, why would they object?

The LibDums would not have opposed eliminating ER, aligning CGT with income tax, 50% additional tax rate, and at least some increases to corp and div tax. They'd have probably also agreed to lowering the threshold for additional tax, perhaps not as low as Corbyn would have wanted it.

Inheritance tax would have been much worse also.

People say it would have only been a coalition but the SNP and Greens are not substantively to the right of Corbyn on tax.

It's a pity there's no party that is actually economically sensible.

[jamesbrown]

Almost certainly won't help, but can't hurt:

https://www.thesun.co.uk/news/110841...rap-tax-relief

[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

[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.

[bubble99]

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

[cojak]

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

How much is their fee?

[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?

[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 ?