I've had a UK business for eight years. I may move to Cyprus because of the Budget

Small business owners have said they are considering selling up or relocating as a result of policies announced in last month's BudgetTom Jauncey started his business in the UK as a teenager eight years ago, but now, he says the policies introduced at last month’s Budget are making him consider moving his business elsewhere.

Among other policies, Reeves told the Commons on 30 October that from April 2025, employers’ NI contributions will rise from 13.8 per cent to 15 per cent, and theCGT is a tax paid on the gains someone makes from an asset – such as if their shares or property increases in price. This can affect business owners who eventually want to sell their business for a profit.

He added: “If I do make the move, I would sell up in the UK and start a new company over in Cyprus, but if I do that, I’d lose so much of what I have worked for.“It’s a frustrating situation, and I wouldn’t be surprised if we see more businesses exploring opportunities abroad as a result.

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