TaxAdministrationGovernment airs CGT concessions

Government airs CGT concessions

The Government has floated the possibility of locking in the current 10% CGT on sale of firms until 2009

The government is apparently considering giving business owners the right to
claim the current rate of capital gains tax even if they do not sell their
businesses until January 2009.

An option, under ‘active consideration’ by
HM Revenue &
Customs
officials, according to The Daily Telegraph, would enable
Alistair Darling to present his tax raising plans as only hitting future rises
in business values.

Bill Dodwell,
Deloitte
head of tax policy, told The Daily Telegraph the ability to bank the
current rate and historic inflation indexation would be attractive to some
business owners. ‘We think this would be a sensible option for the Treasury to
put forward,’ he said.

John Whiting, Price Waterhouse Coopers tax partner, said his firm had
suggested combining the elected sale with a form of retirement relief, giving
entrepreneurs a tax free gains allowance.

Further reading:

Business anger mounts as chancellor delays

Darling postpones CGT reforms until New Year

Read
the story in The Daily Telegraph

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