The Federation of Small
Businesses (FSB) has commissioned
& Young’s Chris Sanger, the original architect of the capital gains tax
(CGT) taper relief scheme, to deliver alternatives which would mitigate what it
sees as the damage of chancellor Alistair Darling’s plan to scrap taper relief.
The FSB has submitted a comprehensive report to the chancellor, who is
expected to make a statement on CGT this week. UK’s biggest business
organisation argues the country’s entrepreneurial culture would be damaged and
that small business owners planning to sell their businesses to pay for their
retirement would see their tax bills rocket overnight.
The FSB has proposed a new Entrepreneurs’ Relief, which would apply to
owner-managers of small businesses as well as business angels. The proposals
would provide a 50% relief on capital gains up to a limit of £750,000, which
equates to an effective tax rate of 9%; make it easy to identify who would
qualify for the relief; encourage serial entrepreneurship and prevent
entrepreneurs from leaving the UK, which could in turn increase the overall tax
take from them; and simplify the CGT system in line with the Chancellor’s
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states