Budget Response: Tax shake-up a blow for UK entrepreneurship

The Chancellor's move to slash entrepreneurs' relief to £1m over a lifetime has been branded 'terrible for UK businesses and the economy' by Elite Group Director Adam Turton who predicts a potential 'offshore exodus' in the wake of Rishi Sunak's debut Budget announcement.

"The vast majority of entrepreneurs only get wealthy if they create significant value for thousands, if not millions of people within an economy, with most UK workers employed by, or because of an entrepreneur," he stated. 

"This step doesn't encourage entrepreneurship post-Brexit in the UK and I fear will have long lasting effects on the economy. 

"I believe that if you sell a business at £10m under this new structure the tax will become £1.9m as opposed to £1m currently."

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