New tax relief rules could drive businesses offshore

Professional Adviser
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tax and jurisdiction

New rules that will hit capital gains tax relief on businesses being passed on as inheritance could prove an incentive for firms to move offshore. On 6 April the Inland Revenue abolished tax relief on shares or business assets that are passed on to children by redefining what constitutes a trading company to exclude any firm with more than 20% non-business assets, such as property and shares. The move has angered some in the business community and prompted fears that entrepreneurs may take their companies abroad to avoid capital gains tax. Many may feel unfairly targeted after t...

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