Record breaking month for Rogers & Norton’s Corporate and Commercial Team
In October our Corporate and Commercial Team hit a record month for completed transactions with clients determined to fast-track exit plans and sales of chargeable assets before the annual Autumn Budget on the 30 October.
Leading up to the budget, concerns had been raised that an increase to the rates of Capital Gains Tax (CGT) was on the horizon, which resulted in clients from all business backgrounds seeking fast and effective legal advice, particularly in respect of share and asset sale transactions.
These concerns were justified when the Chancellor announced on the 30 October that the rate on CGT would be immediately increased for basic, higher and additional-rate taxpayers. The basic rate of CGT was increased from 10% to 18% and the higher rate increased from 20% to 24%. The rates remained unchanged for residential property.
The Chancellor also announced in her Budget speech that there will be further changes to Business Asset Disposal Relief (BADR), previously Entrepreneurs’ Relief, from April 2025, triggering a comparable countdown to what may well be another ‘cliff edge’ moment.
Alistair Ponder, Director and Head of Rogers & Norton’s Corporate and Commercial team said ‘‘We are confident the team at Rogers & Norton remains well-placed to deal with this continuing high demand and we will aim to carry on working as hard and efficiently as possible, to deliver the best service possible to all of our valued clients.’’
If you are looking to dispose of chargeable assets such as shares, please contact the team as soon as possible to ensure there is enough time for these matters to be concluded before further changes are implemented in April 2025.
At Rogers & Norton, we act for a broad spectrum of clients, ranging from small start-ups to multi-million-pound corporations, offering comprehensive legal support for all business needs. For more information or to arrange an appointment, please call 01603 666001, email enquiries@rogers-norton.co.uk or complete the ‘Request a Consultation’ enquiry form on our website.