Tuesday, 15 October 2013

Budget 2014 Incentives - Starting Your Own Business

Start Your Own Business - Government Incentives Budget 2014

The Government introduced a new Start Your Own Business scheme to assist individuals who have been unemployed for at least 15 months to start their own unincorporated businesses that is - register as a sole trader or register a partnership by giving them a two year exemption from income tax.  


To promote entrepreneurship, from next year, the Government has introduced a Capital Gains Tax relief to be allocated to entrepreneurs who reinvest the proceeds from the disposal of assets, on which CGT has previously been paid, into a new investment in productive trading activities. The relief will be a tax credit equal to the lower of the CGT paid on the previous asset disposal or 50% of the CGT due on any gain from the future disposal of the new investment.


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