Small business in final CGT plea

Small businesses have been given one last chance to change the chancellor's plans on capital gains tax, which are expected to be revealed this week after many delays.

According to the Daily Telegraph a group of small business owners will meet with the Treasury on Wednesday to discuss the scrapping of taper relief and the introduction of a flat 18% capital gains tax rate.

It is believed that chancellor Alistair Darling could make an announcement before the end of this week.

Business and land owners, in the meantime, are consulting advisers on how to cash in on the 10% taper relief rate before the flat 18% rate comes into effect in April.

Deals involving fashion retailer LK Bennett and fruit and vegetable delivery firm Abel & Cole are both believed to have been influenced by the CGT changes.

Land owners are looking into how they can transfer ownership between spouses to beat the CGT change in April.

Further reading:

Legal & General boss urges CGT clarification

Brown claims Labour has cut CGT