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What is Business Asset Disposal Relief, how can you benefit from it and what are the 2020 changes?

Business Asset Disposal Relief is a tax relief that the seller of a business can benefit from on sale. This relief was known as Entrepreneurs Relief until 6th April 2020. It is a great incentive set up by the UK Government to encourage people to set up a business, put time and energy into building it and then reward them for their hard work once they are ready to sell it. This has a lifetime limit of £1m per person and there are certain rules that must be applied to ensure you qualify. In this blog we will cover the basics of what entrepreneurs’ relief is, how to claim it and the changes made to the scheme in March 2020. What is Business Asset Disposal Relief? When you are ready to sell your business, Business Asset Disposal Relief / Entrepreneurs Relief can benefit you by allowing you to do this at a reduced tax rate. If, when you sell your business, you make a financial gain, you will pay Capital Gains tax to which the following will be relevant:

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