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No gains tax change before 2008 No gains tax change before 2008
(about 10 hours later)
Chancellor Alistair Darling has confirmed that any revisions to the Capital Gains Tax (CGT) changes will not be announced until next year.Chancellor Alistair Darling has confirmed that any revisions to the Capital Gains Tax (CGT) changes will not be announced until next year.
In October's pre-Budget report, Mr Darling announced that CGT taper relief would come to an end from 1 April 2008 and a new single 18% band would apply.In October's pre-Budget report, Mr Darling announced that CGT taper relief would come to an end from 1 April 2008 and a new single 18% band would apply.
The move was widely criticised by business groups and Mr Darling said he would look again at the issue.The move was widely criticised by business groups and Mr Darling said he would look again at the issue.
There is speculation that taper relief could be reintroduced for small firms.There is speculation that taper relief could be reintroduced for small firms.
Taper relief currently allows investors to pay as little as 10% CGT on profits from the sale of assets in any unlisted company or publicly-listed firm they work for, as long as they have held them for two years. Taper relief currently allows some higher rate taxpayers to pay as little as 10% CGT on profits from the sale of assets in any unlisted company or publicly-listed firm they work for, as long as they have held them for two years.
It can also reduce the CGT liability for some basic rate taxpayers to 5%.
Business groups say the withdrawal of taper relief will discourage investment and entrepreneurship.Business groups say the withdrawal of taper relief will discourage investment and entrepreneurship.
Despite the changes announced in October, the personal annual CGT exemption of £9,200 will remain.Despite the changes announced in October, the personal annual CGT exemption of £9,200 will remain.