TaxCorporate TaxSmall business in final CGT plea

Small business in final CGT plea

Meeting to be held with chancellor this week ahead of final CGT announcement

Small businesses have been given one last chance to change the chancellor’s
plans on capital gains tax, which are expected to be revealed this week after
many delays.

According to the Daily Telegraph a group of small business owners
will meet with the Treasury on Wednesday to discuss the scrapping of taper
relief and the introduction of a flat 18% capital gains tax rate.

It is believed that chancellor Alistair Darling could make an announcement
before the end of this week.

Business and land owners, in the meantime, are consulting advisers on how to
cash in on the 10% taper relief rate before the flat 18% rate comes into effect
in April.

Deals involving fashion retailer LK Bennett and fruit and vegetable delivery
firm Abel & Cole are both believed to have been influenced by the CGT
changes.

Land owners are looking into how they can transfer ownership between spouses
to beat the CGT change in April.

Further reading:

Legal & General boss urges CGT
clarification

Brown claims Labour has cut CGT

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