• At-a-glance
• Administration of Tax
• Personal Taxation
• Employment Taxation
• Business Tax
• Corporation Tax
• Capital Gains
• Savings and Investments
  
• Inheritance Tax
  
• Charities
  
• Trusts
• Anti-avoidance
• Value Added Tax
• Stamp Taxes
• Insurance Premium Tax
• Environmental Taxes
• Excise Duties
• Landline Duty

CAPITAL GAINS

Increase in the Lifetime Limit for Entrepreneurs’ Relief

The lifetime limit for entrepreneurs’ relief is to be increased to £2m for disposals made from 6 April 2010. Disposals made before that date will be subject to the previous lifetime limit of £1m, with no additional relief available in excess of that limit. The increased limit will apply to individuals and trustees of settlements in which the beneficiary meets the entrepreneurs’ relief conditions.

North Sea Fiscal Regime: Reinvestment Relief

A technical oversight is to be corrected in relation to chargeable gains reinvestment relief for oil and gas companies. This measure will ensure that the relief is available where a group company reinvests in new oil trade assets. The change has effect in relation to disposals on or after 24 March 2010 and it will be legislated in a Finance Bill to be introduced in the next Parliament.