Make sense of the technical talk

Key words and explanations

Here is a collection of words relating to Entrepreneurs’ Relief and their explanations.

  • Business asset – Money or other valuables that belong to the business; an asset can be the business itself.

  • Capital Gains Tax – Tax taken from the profit of an asset that is disposed.
  • HMRC – Acronym & common abbreviation of Her Majesty’s Revenue & Customs; the UK Government department responsible for tax collection.

  • Lifetime allowance – Amount of pension savings an individual is entitled to receive upon retirement without incurring a tax charge.
  • Self-assessment tax return – System of Income Tax collection; reporting tax that is not automatically deducted from wages, pensions & savings.

  • Shareholder – An individual who own shares, or assets, within a business that belong to that business.
  • Sole trader – A self-employed individual who runs & is responsible for their own business.

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