Tax Faculty publishes guidance – TAXGUIDE 1/12
The Tax Faculty has today published TAXGUIDE 1/12 Entrepreneurs’ Relief – practical points.
The aim of this publication is to provide guidance on some of the practical points that members have encountered on the application of Entrepreneurs’ Relief (ER).
Part A of the guide provides a brief overview of ER.
Part B contains a number of queries on the operation of ER that were put to HMRC through the Capital Gains Tax Liaison Group. The CGT Liaison Group provides a forum for the discussion of operational CGT issues by representatives of HMRC and the professional bodies.
The guidance covers a wide range of practical points and in each case HMRC has commented on how it would apply the ER legislation. We are grateful to HMRC for allowing us to publish their responses. Discussions continue and, as further queries are raised and clarified, we will issue updates to this TAXGUIDE.
The Tax Faculty would like to thank Lynnette Bober, one of ICAEW’s representatives on the CGT Liaison Group and deputy chairman of the private client committee, for her work on this guidance.
We hope that members will find this guidance helpful, though of course in practice each case will depend on the particular facts.