The government faced further lobbying against its changes to CGT rules
yesterday by the business community.
The Institute of Directors called for a reduction in the 18% single rate of
CGT, and for the retention of indexation reliefs up to 1998 – which would help
those selling businesses on retirement.
‘We hope that the government will look at these proposals seriously,’ said
Miles Templeman, director general of the IoD.
‘The important thing is for the government to heed the voices of the many
business people who have protested, and to make some significant changes.
Otherwise, the government’s pro-enterprise credentials will be seriously
Retirement relief could also be introduced, but the current discussed rate of
10% tax on the first £100,000 was too limited, the IoD added.
Reinvestment in shares that met the conditions of the Enterprise Investment
Scheme could be broadened to offer relief in all unquoted shares, which would
allow entrepreneurs to build a successful business and then move to another one.
Taxman lines up early exit from doomed Concentrix tax credits deal, as HMRC faces intense scrutiny from MPs
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin