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READ MORERishi Sunak plans to raise £3bn by scrapping 'entrepreneurs' relief'
The chancellor is planning to scrap a £3bn tax relief that mainly benefits the wealthy in a bid to raise cash for an expected increase in public spending in the budget on 11 March.
Rishi Sunak is expected to target entrepreneurs’ relief, a tax break which halves the capital gains tax paid when people sell their businesses. Under current rules, sellers pay only 10% on lifetime gains of up to £10m, comparedwith the 20% capital gains tax paid by higher-rate taxpayers.
Read more at the Guardian.
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