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Entrepreneurs relief - when will the changes come into play?

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    Entrepreneurs relief - when will the changes come into play?

    There is speculation around ER changes in the upcoming budget session in March. If ER is abolished, will it be with immediate effect? I’m asking this because my contract finishes end of March and I’m closing my company to move abroad.

    Will I have enough time or is it wise to get my company into liquidation well before March 11th?

    #2
    Who knows?

    Unlikely.

    Steer is for a review first, as described in the Tory manifesto. Expect that to be announced on March 11.

    Earliest implementation, probably November 2020, but no one knows.

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      #3
      These things take effect from the start of a fiscal year, i.e. 6th April. There is a possibility it could be implemented from 06/04/20 but if it was to be, you would not be able to close down a company in less than 3 months in any event and HMRC has the option to object to it.

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        #4
        Originally posted by realaledrinker View Post
        These things take effect from the start of a fiscal year, i.e. 6th April. There is a possibility it could be implemented from 06/04/20 but if it was to be, you would not be able to close down a company in less than 3 months in any event and HMRC has the option to object to it.
        Nope. Provisional collection of taxes is possible from 6PM on Budget Day and other budget resolutions can apply at the end of debate of a Finance Bill in the HoC. But a Finance Act is needed to place in law.

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          #5
          Originally posted by jamesbrown View Post
          Nope. Provisional collection of taxes is possible from 6PM on Budget Day and other budget resolutions can apply at the end of debate of a Finance Bill in the HoC. But a Finance Act is needed to place in law.
          That works for fag and booze tax but hardly for a fundamental tax reform! And this year is exceptional as there wasn't a budget in 2019.

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            #6
            Originally posted by realaledrinker View Post
            That works for fag and booze tax but hardly for a fundamental tax reform!
            It is unlikely that they would pre-announce this change because they know that the timing of a capital distribution can be controlled accordingly. Isn’t that precisely what the OP is hoping to do?
            Last edited by jamesbrown; 24 January 2020, 23:31.

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