Reports are circulating that Chancellor Rachel Reeves is planning to hike capital gains tax for entrepreneurs selling their businesses, by cutting Business Asset Disposal Relief (AKA Entrepreneurs' Relief) in the upcoming Autumn Budget on October 30th.
This could result in tax rates jumping from the current 10% to as high as 45%, aligning with income tax rates.
For entrepreneurs, this would be a huge setback. This relief exists to recognise the immense personal and financial risks that founders take when starting and growing a business. By reducing or scrapping this relief, the government risks stifling the very innovation and entrepreneurship that drives the UK economy forward.
A letter will be going to Rt Hon Rachel Reeves this week which I have signed, and I invite you to do so too.
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Francesca James,
Ideas Forums
