Advice firm owners raced to push through business sales before Budget tax changes, with one M&A advisory firm overseeing the completion of three deals the day before chancellor Rachel Reeves brought in a capital gains tax (CGT) hike.
Incoming changes to Business Asset Disposal Relief (BADR) could drive a further rush of deals in the coming months, though some firms starting on the process now may be tight pushed to get sales over the line in time to make the most of the current status quo. Reeves' inaugural Budget, revealed yesterday (30 October), included an immediate CGT rate hike. From 30 October, the main rates of CGT for non-residential property disposals rose from 10% and 20% to 18% and 24% respectively, while the rate of CGT applying to trustees and personal representatives rose from 20% to 24%. This was we...
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