Healey prepares £1bn tax raid on retiring business owners while vowing to back 'bloody-minded entrepreneurs'
Business Asset Disposal Relief, which cuts capital gains tax for owners selling their firms, is expected to be significantly restricted in the Budget on Wednesday October 28. Rachel Reeves had already pushed its rate up to 18 per cent in April. The Treasury is weighing redirecting the savings to founders who reinvest and create jobs. HMRC estimates the relief cost £800million last year.
Labour created it in 2008 as entrepreneurs' relief, charging just 10 per cent.
Experts warn the change could penalise those who spent years building companies.
Healey insists: 'If you're not making a profit, you've got nothing to put back.'
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