Budget 25: CGT relief slashed for employee ownership trusts

The move was announced as chancellor Rachel Reeves delivered the Autumn Budget in the House of Commons today (26 November). The change is intended to "retain a strong incentive for employee ownership while ensuring business owners pay their fair share", according to a government press release. It comes as the scheme was "on course" to cost £2bn, 20 times beyond the original costings when the scheme was it was first announced in 2013, according to the government's Budget 2025 policy paper. The original costing suggested that the entire EOT regime would cost less than £100m in 2018/1...