The Chancellor, Rishi Sunak, has said that he has decided not to fully abolish Entrepreneur's Relief.
He mentions that he will do what the Federation of Small Businesses called "a sensible reform" and reduce the lifetime limit from £10m to £1m.
80% of small business owners will reportedly be unaffected by today's changes.
Business Rates Relief
The Chancellor also announced a “fundamental review” to business rates that will be concluded by the Autumn, in conjunction with a £3,000 cash grant per business for businesses that are eligible for the small business rates relief. This is apparently a £2bn cash injection direct to 700,000 of small businesses.
More detail on this is to follow and we will update this article accordingly once more is known.