After lots of speculation, and much lobbying to have it abolished Entrepreneurs' Relief has been spared in the last budget. But with a reduction from relief from £10M of lifetime gains down to just £1M it's a mere shadow of what it was. This means that someone who was planning to sell for £10M will now take an additional £900k tax hit. The argument is that it wasn't the tax relief that was motivating them. And that's perhaps true - but it will have an impact on timing. A business owner who was planning to sell based on a given level of net after tax proceeds will now need to sell for a higher price, and so probably delay the transaction.
You can also watch PEM's budget webinar for an update on all the other changes in the budget.