{"id":13178,"date":"2020-03-04T15:30:32","date_gmt":"2020-03-04T15:30:32","guid":{"rendered":"https:\/\/neighbourhoodretailer.com\/?p=13178"},"modified":"2020-03-04T15:30:32","modified_gmt":"2020-03-04T15:30:32","slug":"entrepreneurs-relief-for-smaller-businesses-costs-just-600-million-new-analysis-finds","status":"publish","type":"post","link":"https:\/\/neighbourhoodretailer.com\/entrepreneurs-relief-for-smaller-businesses-costs-just-600-million-new-analysis-finds\/","title":{"rendered":"Entrepreneurs’ relief for smaller businesses costs just \u00a3600 million, new analysis finds"},"content":{"rendered":"

The\u00a0Federation of Small Businesses (FSB) calls on the government not scrap to entrepreneurs relief scheme<\/p>\n

Following reports that the Chancellor is considering the removal of entrepreneurs\u2019 relief<\/a> \u2013 which allows small business owners to keep more of the proceeds of selling their firms \u2013 new analysis from the Federation of Small Businesses (FSB) shows that the annual cost of the incentive to the Treasury could be reduced by three quarters if it was concentrated on business sales of under \u00a31 million.<\/p>\n

In the financial year 2017-18, entrepreneurs\u2019 relief cost<\/a> the Treasury \u00a32.3 billion. Of the 43,000 individuals that made use of the incentive, 38,000 claimed relief on business sales of under \u00a31 million, coming at a cost of only \u00a3600 million to the Treasury.<\/p>\n

FSB also today highlights the example of Ireland where those over the age of 55 do not have to pay capital gains tax on disposals<\/a> of businesses or farms up to the value of 750,000 euros.<\/p>\n

FSB National Chairman Mike Cherry said: \u201cScrapping entrepreneurs\u2019 relief would destroy the retirements of thousands of business owners. The Conservative manifesto committed this Government to reviewing and reforming this incentive, not scrapping it entirely. The Conservatives should keep their promises \u2013 it\u2019s a question of trust.<\/p>\n

\u201cThe solution is obvious: keep the relief for the first \u00a31 million of a business sale and scale it back at the top end. Doing so would save the Treasury more than \u00a31 billion and maintain a vital incentive which encourages entrepreneurs to start-up, hire and invest.<\/p>\n

\u201cA lot of entrepreneurs see their business as their retirement plan. They don\u2019t have the gold plated pensions enjoyed by Treasury civil servants.<\/p>\n

\u201cSmall business confidence has suffered an unprecedented 18-month slump. Scrapping entrepreneurs\u2019 relief will make a bad situation worse.<\/p>\n

\u201cFundamentally we want to make the UK a more, not less, attractive place to start-up a business. If this incentive goes, we risk losing entrepreneurs to other climes.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The\u00a0Federation of Small Businesses (FSB) calls on the government not scrap to entrepreneurs relief scheme Following reports that the Chancellor is considering the removal of<\/p>\n","protected":false},"author":11,"featured_media":13179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[10],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/neighbourhoodretailer.com\/wp-content\/uploads\/2020\/03\/entrepreneur-593357_1920.jpg","_links":{"self":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/13178"}],"collection":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/comments?post=13178"}],"version-history":[{"count":1,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/13178\/revisions"}],"predecessor-version":[{"id":13180,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/13178\/revisions\/13180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/media\/13179"}],"wp:attachment":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/media?parent=13178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/categories?post=13178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/tags?post=13178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}