BusinessCompany NewsChancellor set to soften CGT blow

Chancellor set to soften CGT blow

The chancellor is expected to heed criticism and announce changes this week to the reforms of capital gains tax revealed in October’s pre-Budget report.

However, according to reports, he is not expected to restore the taper relief
system or a lower tax rate on business assets.

According to The Sunday Times Darling Alistair Darling is
likely to soften the blow from the changes by introducing new reliefs, including
a retirement relief targeting owner-managers wanting to sell up for retirement.

A reinvestment relief has also been considered by the Treasury to make it
easier for entrepreneurs to sell assets for investment in another business.

Darling has been under considerable pressure since the pre-Budget report, his
first as chancellor, in which he announced that taper relief would be scrapped
in April and that CGT on business assets would rise from 10% to 18%.

More stories:

FSB
submits broad CGT taper relief scheme

CBI
warns Darling of tax ‘rage’ over CGT

Gordon
Brown defends CGT decisions

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