Gambit's latest Business Support Update provides a summary of the recently announced review of Capital Gains Tax, highlighting the potential modifications to the scheme expected to be announced in the Autumn 2020 Budget.
Many business owners contemplating a disposal were significantly impacted by the reduction in the lifetime limit on Business Asset Disposal Relief announced in the March 2020 Budget. This reduction was effective immediately, with many business owners in the concluding stages of exit processes having to forgo significant tax savings.
Any further changes announced in the Autumn 2020 Budget may also be effective immediately. Owners should consider succession planning and advancing business exit discussions with a trusted advisor ahead of this deadline in order to explore potential exit transactions within the current tax regime.
As part of this ongoing series of bulletins, we consider the industrial challenges facing the UK economy as businesses adapt to the new normal. In this edition, we explore the role of artificial intelligence as a growing feature of consumers' daily experiences and how advancements in technology may transform our economy and society in the future.
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