Government retreat on key tax reforms
Below is a blog written my colleague and Mercer & Hole partner Cathy Corns on SME Plus blog, in relation to the government's retreat on key tax reforms.
According to The Times the Government are looking to mitigate the changes proposed in the Pre Budget Statement three weeks ago. Apparently the plan is to introduce a form of retirement relief of £100,000, aimed to assist small businessmen who are selling up and retiring. As of the time this was posted the HMRC website had no details on this and so we do not know if it is accurate and, if so what is meant by small or retiring or what tests have to be met to qualify.
Any mitigation of the tax is welcome and I will be in touch again when more details are available.
