TaxCorporate TaxIoD urges lowering of CGT modifications

IoD urges lowering of CGT modifications

The new 18% capital gains tax rate should be lowered, says Institute of Directors

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
tarnished.’

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.

Further reading:

272,000 face share scheme CGT
hit

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