Entrepreneurs' relief - what it means for you

摘要

Chancellor Alistair Darling's tax reforms stripped away the tried and tested capital gains system, replacing it with a new entrepreneurs' relief. But what exactly is it - and what does it mean for farmers? Until 6 April this year, farmers could sell land or buildings and usually expect an effective tax rate of 10% on the capital gain. They could expect full business asset taper relief, and, if the asset had been acquired before April 1998, they could also tap into indexation allowance to reflect inflationary gains.