Business
Government could change capital gains reformsstevenkiernan, 31 October 2007Be the first to comment on this article The government appears to have made a U-turn on its plans to reform Capital Gains Tax (CGT).
According to The Times today (31 October), Darling is to bring back a system of "retirement relief" for owners of small and medium-sized businesses, which means they will pay far less when they sell up and retire. The chancellor was accused of stifling innovation and investment when he unveiled his original plan in his Pre-Budget Report on 9 October. He has since been under sustained pressure from the British Chambers of Commerce, Confederation of British Industry, Federation of Small Businesses and Institute of Directors Commenting on speculation that Darling had changed his plans, British Chambers of Commerce director general David Frost said the new proposal would go "some way to meeting our concerns" and would help business owners seeking to retire. "However, there is wider concern that serial entrepreneurs, those that build businesses, will still be hit by the proposal to have a higher single [CGT] rate of 18%. This will damage the entrepreneurial culture in the UK," he said. Speak Your Mind |
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