The Treasury has announced it will postpone its Autumn 2020 Budget in order to focus the Government’s response to the COVID-19 pandemic.
Gambit's Autumn 2020 Budget Update considers the implications of the postponement and the options the Chancellor now faces.
In the lead-up to the Budget, there were expectations amongst business leaders that alterations to the Capital Gains Tax (CGT) regime would feature, following the Chancellor’s letter to the Office of Tax Simplification (OTS) calling for a review of the current regime. Any announcement of this nature will now be delayed until 2021.
The postponement of the Autumn 2020 Budget affords businesses owners greater opportunity to benefit from current CGT legislation, ahead of any future alterations. Owners should consider succession planning and advancing business exit discussions with a trusted advisor in order to explore potential exit transactions within the current tax regime.
If you would like to discuss the options available and considerations in preparing your business for exit, please contact a member of the team.