Tories plan to review/overhaul ER

[ChimpMaster]

I don't like the sound of this. I wonder what the Tories are planning, and for when.

Boris Johnson’s manifesto is designed to win Tories a majority – here’s how – The Sun
Another manifesto commitment is to review entrepreneurs’ relief, with the aim of massively tightening up the criteria for it. This is a tax break that allows people to pay capital gains tax at ten per cent, half the normal rate, if they set up the business they are selling.
Research shows that this policy, introduced by Labour in 2008, hasn’t actually encouraged entrepreneurship and business investment but still cost the Treasury £2.4billion last year.
Half of all capital gains on peoples’ investments since 2012 have qualified for this relief, suggesting the current rules are far too lax.


Also in Telegraph but behind paywall:
Tory plans for tax relief review put Britain's booming start-up sector at risk

[rogerfederer]

A more pertinent question is:

What date do you expect the budget to be read out by the front man?

This is the question that matters.

[vas]

A more pertinent question is:

What date do you expect the budget to be read out by the front man?

This is the question that matters.

Yeah, has priv sector IR35 been enacted?
We all know it is coming, but does it have to be a law and is it now?

[rogerfederer]

Yeah, has priv sector IR35 been enacted?
We all know it is coming, but does it have to be a law and is it now?

That's not what I meant at all. Private sector IR35 decisions always existed, it's just who decides the determination is changing.

If you're going to MVL, start it sooner rather than later

[vas]

That's not what I meant at all. Private sector IR35 decisions always existed, it's just who decides the determination is changing.

If you're going to MVL, start it sooner rather than later

Yeah, sorry.
Might be better to detach my post to another topic. Still a valid question.

[MrC]

A more pertinent question is:

What date do you expect the budget to be read out by the front man?

This is the question that matters.

This!

Interested to know peoples thoughts and speculations on when an end (for PSCs) might take place given the current political situation, if it were to.
Apreciate there are no certainties but trying to plan around risks with this route as best as possible.

I would have thought that it would come under budget change. Thus an April budget change most likely. But presumably we could have a post-election /brexit emeregency budget before then although not sure that it would feature highly on that adgenda. A political pundit i am not though so interested on others views.

[WordIsBond]

This!

Interested to know peoples thoughts and speculations on when an end (for PSCs) might take place given the current political situation, if it were to.
Apreciate there are no certainties but trying to plan around risks with this route as best as possible.

I would have thought that it would come under budget change. Thus an April budget change most likely. But presumably we could have a post-election /brexit emeregency budget before then although not sure that it would feature highly on that adgenda. A political pundit i am not though so interested on others views.

If I were Chancellor and decided this was counterproductive, I'd make it effective at 5 pm Budget Day. Sorry, but I think that is highly likely. If you want to go this way get the process started ASAP

[BolshieBastard]

f you're looking to close your limited to take advantage of ER, dont forget the 'Phoenixing Laws' which would stop you opening a new co and doing the same business for upto 2 years.

[ChimpMaster]

If I were Chancellor and decided this was counterproductive, I'd make it effective at 5 pm Budget Day. Sorry, but I think that is highly likely. If you want to go this way get the process started ASAP

Problem is, MVL takes several months and you would be unlikely to complete this before April.

Anyway, Tories have said they will 'review' ER and make the criteria stricter. This isn't an instant dismissal of ER, but clearly not good for those of us with long term plans around it.

Labour have said in their manifesto that they would abolish ER outright.

[MrC]

Anyway, Tories have said they will 'review' ER and make the criteria stricter. This isn't an instant dismissal of ER, but clearly not good for those of us with long term plans around it.

Labour have said in their manifesto that they would abolish ER outright.

Yes and it's wishful thinking that any changes wouldn't robustly block contractors since they are clearly in the cross hairs.
Lim Dems it is then