Podcast Location:
Download it here [file size: 28.6 MB]
Categories:
Tax Law
Tax & Planning
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast is intended as an introduction Entrepreneurs’ Relief which was introduced as part of wide ranging reforms of CGT by the Finance Act 2008.

The main areas this podcast will address will be the background to how Entrepreneurs’ Relief works and the relevant conditions that need to be met to qualify for relief. It will also address how Entrepreneurs’ Relief applies to companies, sole traders and partnerships and how Entrepreneurs’ Relief operates in transactions for the sale of shares in a buyout – specifically dealing with the treatment of shares exchanged for qualifying corporate bonds.

Outcomes:
After completing the course you will:
  • Understand the recent history of Entrepreneurs’ Relief and what it is for;
  • Know who can qualify for Entrepreneurs’ Relief;
  • Know how Entrepreneurs’ Relief applied?;
  • Know the different types of qualifying business disposal to which the relief can apply;
  • Know how Entrepreneurs’ Relief applies to partnerships;
  • Know how the relief applies to businesses that are wound up or no longer trade;
  • Understand how Entrepreneurs’ Relief applies to personal assets in a business;
  • Know how Entrepreneurs’ Relief is calculated;
  • Know how Entrepreneurs’ Relief applies to a buyout of shares and the optimal structure for a share buyout in order to take greatest advantage of Entrepreneurs’ Relief;
  • Understand when the relief will apply to qualifying shares exchanged for qualifying corporate bonds and non-qualifying bonds;
  • Know how Entrepreneurs’ Relief can affect any earn-out provisions on a sale of shares.
Level:
Complex Difficulty: 4 of 5
Classification:
Introduction
Legal Principles
Practical Guide
Sources and References:
  • Ch. 3 Part 5 Taxation of Chargeable Gains Act 1992;
  • Ss 5(3) of Income Tax (Earnings and Pensions) Act 2003 Partnerships Act 1890;
  • Ss 48, 138A, 169, 169Q, 169R Taxation of Chargeable Gains Act 1992;
  • Farmer and Another (Executors of Farmer Deceased) v IRC (1999) STC (SCD) 32.
Tags:

This podcast is about Capital Gains Tax and looks specifically at Entrepreneurs’ Relief which is of relevance to owner managed businesses such as partnerships, sole traders and SME companies looking to protect the value of their business assets.

Podcast added: 22/06/11

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