Introduction Details of the Section
2.Subsection (1) provides that the amount of the lifetime limit for qualifying gains is increased from £1 million to £2 million. It also makes a minor consequential change to the provisions relating to the lifetime limit so that, where earlier claims have used up the whole of the previous £1 million limit, the full balance of the increased lifetime limit is available for future qualifying gains.
3.Subsection (2) is the commencement provision. The new limit applies in respect of disposals made on or after 6 April 2010 that qualify for entrepreneurs’ relief.