UK Budget Fears Push Owners to Close Firms to Avoid Tax Hikes

Thousands of solvent UK business owners are winding up their companies, allowing them to avoid an expected increase in levies on entrepreneurs in the budget.

The number of so-called members’ voluntary liquidations this month exceeds 1,600, according to notices filed to The Gazette, where business closures in the country are advertised. That’s already more than double the level for the whole of October last year.

The spike comes as Chancellor of the Exchequer Rachel Reeves considers cutting a capital gains tax break known as Business Asset Disposal Relief in her spending plan on Oct. 30. Entrepreneurs currently pay a ...