TaxCorporate TaxDarling postpones CGT reforms until New Year

Darling postpones CGT reforms until New Year

Chancellor delays making final proposals on capital gains tax until 2008

Alistair Darling, chancellor

Changes to the capital gains tax overhaul announced in October have been put
off until next year, Alistair Darling said today.

The chancellor had originally said he would reveal the amended CGT rules
before Christmas, but he is still consulting on the issues and will now only
make an announcement in the New Year.

The CBI, which has vigourously opposed the CGT changes, expressed
disappointment at the delay.

‘People need to be able to make decisions about their businesses – whether to
invest, or whether to sell up. This uncertainty mustn’t be allowed to continue,’
said CBI director general Richard Lambert.

Darling’s October decision to abolish taper relief and replace it with a flat
18% CGT rate met with vitriolic opposition from business groups and
entrepreneurs, who said the move was ill-thought out and damaging to the
economy.

Further reading:

Chancellor set to soften CGT blow

CBI warns Darling of tax ‘rage’ over
CGT

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