Entrepreneurs among Budget big winners

first_img Show Comments ▼ KCS-content ENTREPRENEURS were among the biggest winners from the Budget, with a raft of measures aimed at encouraging people to invest in their own businesses.The changes, most of which will come into play on 6 April, will include:•A hike in the lifetime limit for entrepreneurs from £5m to £10m.•Relaxation of the Enterprise Investment Scheme (EIS) rules, making it easier to take advantage of capital gains tax (CGT) and income tax relief.•An easing of the conditions necessary to benefit from Venture Capital Trusts (VCT).Osborne announced the lifetime limit for entrepreneur’s relief will double to £10m, greatly increasing the benefits for anyone disposing of shares in their own company.It allows business owners to pay just 10 per cent capital gains tax, instead of the higher threshold of 28 per cent, up to a lifetime limit of £10m, after which they will revert to the higher threshold.To qualify you need to own at least five per cent of the company and have worked there for at least a year. The Treasury estimates the move will cost around £310m over the course of the parliament. The limit was set at £1m just two years ago, rising to £2m in April 2010 and £5m in June 2010.Entrepreneurs will also benefit from a £500 increase in the annual exemption from CGT to £10,600.The Treasury announced the maximum investment to qualify under the EIS will double to £1m and tax relief on both EIS and VCT initiatives will increase from 20 per cent to 30 per cent. The maximum investment in a single company has also risen from £2m to £10m. The size of companies that qualify under both schemes will rise from 50 employees or less to 250 or less, with the gross assets allowed more than doubling from £7m to £15m.Osborne also pledged to consult on ways to make EIS rules simpler by removing more restrictions on which types of investors can apply and which shares qualify.Changes to EIS and VCT rules are designed to make it easier and more lucrative to invest in small businesses. Share Entrepreneurs among Budget big winners More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Wednesday 23 March 2011 9:10 pm whatsapp Tags: NULLlast_img read more