Inheritance tax did not feature anywhere in the Budget speech or supporting documents with capital gains tax seeing a number of changes to entrepreneurs’ relief and private residence relief.

Entrepreneurs’ relief

From 6 April 2019 the minimum period throughout which the qualifying conditions for relief must be met is being extended from 12 months to 24 months. In addition to the current requirements on share capital and voting rights, from 29 October 2018 shareholders must also be entitled to at least 5 percent of the distributable profits and net assets of a company to claim this relief.

Private residence relief

From 6 April 2020, lettings relief will only be available in circumstances where the owner of the property is in shared occupancy with the tenant. The final period exemption will also be reduced from 18 months to 9 months. However, there will be no changes to the 36 months final period exemption available to disabled people or those in a care home. The government intends to consult on both of these changes.